RIL’s 5,500 retail fuel outlets to sell petrol, diesel as Mukesh Ambani signs new JV with BP

Reliance Industries Ltd has signed a new pact with its long-time partner BP Plc to sell retail fuel such as petrol and diesel across the country, building on the Mukesh Ambani firm’s existing 1,400 retail fuel outlets. The new joint venture between RIL and BP aims to grow rapidly to a total of 5,500 sites over the next five years, RIL said in a statement. As per the terms of the agreement, Reliance Industries will hold a 51% stake in the new joint venture, while BP will hold the remaining 49%. Notably, the latest joint venture will also include RIL’s aviation fuel business, which currently operates at over 30 airports across India, providing participation in this rapidly-growing market.