Reliance, BP sign pact to set up petrol pumps under Jio-BP brand

NEW DELHI: Reliance IndustriesNSE 0.12 % and British energy giant BP plc on Monday signed a partnership agreement to jointly grow the Indian firm’s network of petrol pumps to 5,500 from current 1,400, the companies said. “BP and RIL signed a definitive agreement relating to the formation of their new Indian fuels and mobility joint venture. This follows the initial heads of agreement signed in August this year,” a statement said.

The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals.