(LiveMint)
Eight years after they partnered to produce hydrocarbons in India, Reliance Industries Ltd and British oil major BP Plc have come together again to open a nationwide network of fuel retailing outlets. The outlets will be set up through a new joint venture company that will be owned 51% by RIL and the remainder by BP, according to a joint statement issued by the companies. The partnership will also market aviation turbine fuel to cater to India’s growing aviation industry.
Together, the companies plan to set up 5,500 fuel retail stations across the country, which may include the 1,378 retail outlets RIL independently runs across India at present. RIL and BP did not disclose the investments in the new venture. They also did not provide a time frame for setting up the outlets.
