Mumbai: Reliance Industries (RIL) and British energy major BP on Tuesday announced a joint venture for expansion of motor and aviation fuels retail business. RIL will hold 51 per cent and BP 49 per cent stake in the JV.
The agreement was signed by Mukesh Ambani, RIL Chairman, and Bob Dudley, Group Chief Executive of BP, in Mumbai on Tuesday.
According to an agreement, the JV will assume ownership of RIL’s Indian fuel retail network and also access its aviation fuel business.
“BP and RIL today (Tuesday) announced that they have agreed to form a new JV that will include a retail service station network and aviation fuels business across India. Building on RIL’s existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country’s fast-growing demand for energy and mobility,” it said. The final agreements, likely to be reached soon, are subject to regulatory and other customary approvals. The transaction would be complete in the first half of 2020, said a joint statement. (IANS)