Under the brand name Jio-bp, the joint venture will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets
UK-based oil and gas company BP and Reliance Industries (RIL) launched their new Indian fuels and mobility joint venture, dubbed Reliance BP Mobility (RBML).
BP has paid $1bn to RIL in exchange for a 49% stake in the joint venture, with RIL holding remaining 51%.
The companies have been working closely in a challenging environment to complete the transaction, following initial agreements in 2019.
The joint venture will operate under the brand name Jio-bp, and is aimed at becoming one of the major players in India’s fuels and mobility markets.
RBML will leverage RIL’s presence across 21 Indian states and consumers through the Jio digital platform, while BP will leverage its extensive global experience in high-quality differentiated fuels, lubricants, retail and advanced low carbon mobility solutions.
RBML received marketing authorisation for transportation fuels
RBML will expand its current fuel retailing network from more than 1,400 retail sites to 5,500 over the next five years and increase the staff employed in service stations from 20,000 to 80,000.
In addition, it also aims to increase its presence from 30 to 45 airports in the coming years.
RBML has received the marketing authorisation for transportation fuels, along with other necessary regulatory and statutory approvals.
The joint venture will start selling fuels and Castrol lubricants from its existing retail outlets, under the new brand Jio-bp.
Reliance Industries chairman and managing director Mukesh Ambani said: “Reliance is expanding on its strong and valued partnership with bp, to establish a pan-Indian presence in retail and aviation fuels.
“RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers.”