(PTI)
Reliance Industries and British energy giant BP plc on Monday signed a partnership agreement to jointly grow the Indian firm’s network of petrol pumps to 5,500 from current 1,400, the companies said. “BP and RIL signed a definitive agreement relating to the formation of their new Indian fuels and mobility joint venture. This follows the initial heads of agreement signed in August this year,” a statement said.
The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals.RIL currently has about 1,400 operating petrol pumps and some 30-odd aviation fuel stations at airports. These will be taken over by the RIL-BP joint venture and grown in future. RIL will hold 51 per cent in the new joint venture company while BP will have the remaining 49 per cent. This will assume ownership of RIL’s existing Indian fuel retail network and access its aviation fuel business.
