Reliance Industries, BP to set up fuel retail joint venture
NEW DELHI: RelianceNSE -0.70 % Industries and BP have agreed to set up a 51:49 joint venture to operate their fuel retailing business, targeting expanding number of filling stations to 5,500 in five years and offer home delivery of fuel.
Reliance Industries chairman Mukesh Ambani and BP group chief executive Bob Dudley signed heads of agreement for the venture in Mumbai on Tuesday. Final agreements will be reached later in 2019 and the transaction, subject to regulatory approvals, will be completed in the first half of 2020, the firms said in a statement.
BP obtained a licence to market transportation fuel in India three years ago but didn’t begin. It, instead, decided to explore partnership with Reliance for fuel retailing. BP already has stake in RIL’s upstream business.
