(PTI)
Global energy super major BP plc and Reliance Industries Ltd on Thursday announced the start of their fuel retailing joint venture under the brand ‘Jio-bp’. BP had last year bought 49 per cent stake in the 1,400-odd petrol pumps and 31 aviation turbine fuel (ATF) stations owned by Reliance Industries Ltd (RIL) for USD 1 billion.
The joint venture, where RIL holds the remaining 51 per cent, has now commenced operations. “Following initial agreements in 2019, bp and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned,” the companies said in a joint statement, adding the new fuels and mobility joint venture, Reliance BP Mobility Ltd (RBML), has started operations.
Operating under the ‘Jio-bp’ brand, the joint venture aims to become a leading player in India’s fuels and mobility markets. RBML has received the marketing authorisation for transportation fuels, amongst other necessary regulatory and statutory approvals.
