BP and Reliance Industries Limited (RIL) signed a definitive agreement for the formation of their new fuels and mobility joint venture (JV), held 51% by RIL and 49% by BP.
The company will operate under the Jio-BP brand and will assume ownership of RIL’s existing Indian fuel retail network. The venture expects to expand from RIL’s current fuel retailing network of more than 1,400 retail sites and 30 aviation fuel stations across India to up to 5,500 retail sites and 45 aviation fuel stations in the next five years.
