Bp, Reliance Launch 'Jio-bp' Partnership

(RTTNews) - Bp Plc. (BP.L, BP_UN.TO, BP) and India's Reliance Industries Limited said that they have started their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited or RBML.

bp and Reliance Industries have completed the transaction, after initial agreements in 2019. bp has paid Reliance Industries $1 billion for a 49% stake in the joint venture, with Reliance Industries holding 51%.

Bp noted that operating under the "Jio-bp" brand, the joint venture aims to become a leading player in India's fuels and mobility markets.

Reliance BP Mobility aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years. The rapid growth will require a four-fold increase in staff employed in service stations - growing from 20,000 to 80,000 in this period. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years.

Reliance BP Mobility has received the marketing authorization for transportation fuels, amongst other necessary regulatory and statutory approvals. The joint venture will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets, which will be rebranded to "Jio-bp" in due course.