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    BP pays $1 billion for 49% stake in fuel retail JV with Reliance Industries

    Synopsis

    Reliance BP Mobility ltd (RBML), the joint venture in which RIL holds 51%, will operate under the Jio-BP brand and leverage Reliance’s presence across 21 states and its millions of consumers through the Jio digital platform, according to a statement by the two companies.

    “RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers,” Reliance Industries chairman Mukesh Ambani said.
    NEW DELHI: UK’s BP has paid Reliance Industries $1 billion for 49% stake in a fuel retail joint venture, closing a transaction the two companies announced last year.

    Reliance BP Mobility ltd (RBML), the joint venture in which Reliance Industries (RIL) holds 51%, will operate under the Jio-BP brand and leverage Reliance’s presence across 21 states and its millions of consumers through the Jio digital platform, according to a statement by the two companies.

    The JV aims to expand the fuel retailing network to 5,500 fuel stations over the next five years from the current 1400, which will quadruple employment at service stations to 80,000, as per the statement. The outlets will be rebranded to “Jio-bp” in due course. The JV also aims to expand its presence from 30 to 45 airports in the coming years.

    “RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers,” RIL chairman Mukesh Ambani said.

    The JV aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time, the statement said.

    “Reliance’s digital capabilities, technical expertise and reach complement our international fuels and service offers,” BP CEO Bernard Looney said. “This new venture is a unique opportunity to build a leading, fast-growing business that can help meet India’s demands and create exciting new digital and low-carbon options for the future."
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

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    6 Comments on this Story

    Jio Rel33 days ago
    Reliance is not ESG. As they say oil is the new tobacco/coal. Would love to buy jio and retail if they are listed separately.
    Orange Softwares33 days ago
    great
    Pradeep Kumar33 days ago
    He will enter into each sector and then he will concour on all Govt and its sectors...super stratagey......people wont understand what they are loosing....one day he will become one more Hitler.
    The Economic Times