Reliance Industries Ltd and BP on Tuesday announced a new joint venture to sell auto fuels and ATF in the country.
The new partnership extends their alliance in oil exploration and will see the duo expand Reliance’s network of petrol pumps to 5,500 over five years from 1,400 at present. The proposed investment was not disclosed.
The joint venture comes at a time the auto sector is mired in a slump, marked by falling sales.
However, Reliance-BP feels the slowdown is temporary. A statement from RIL said over the next 20 years the country would become the fastest growing market for fuels, with the number of cars estimated to grow almost six-fold.
