Lawstreet Journal

BP PLC And Reliance Industries Limited (RIL) Have Launched A New India Fules And Mobility Joint Venture Called Reliance BP Mobility Limited (RBML)

Lawstreet Journal 14 Jul 2020 9:22pm

Image courtesy: Lawstreet Journal Business BP PLC And Reliance Industries Limited (RIL) Have Launched A New India Fules And Mobility Joint Venture Called Reliance BP Mobility Limited (RBML)

On Thursday, 9th July 2020, BP plc and Reliance Industries Ltd announced the start of their fuel retailing joint venture under the brand- ‘Jio-bp’. BP bought a 49 percent stake in the 1400 odd petrol pumps and 31 aviation turbine fuel (ATF) stations owned by Reliance Industries Ltd (RIL) for USD 1 billion last year.

RIL holds a 51 percent stake and has commenced its operations. The company stated in a joint statement “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.” 

Operating under the ‘Jio-bp’ brand, the joint venture aims at becoming India’s leading player in fuels and mobility markets.

The joint venture will immediately start selling fuels and Castrol lubricants from the existing retail outlets which will be rebranded under Jio-bp soon.

The statement said, “It will leverage Reliance’s presence across 21 states and its millions of consumers through the Jio digital platform. bp will bring its extensive global experience in high-quality differentiated fuels, lubricants, retail, and advanced low carbon mobility solutions.”

The auto fuel industry is dominated by public sector oil companies that own the majority of 69,392 petrol pumps in the country. IOC, BPCL, HPCL owns 62,072 petrol pumps and 224 out of 256 aviation fuel stations in the country. BP and RIL expect the venture to grow rapidly for growing demands.

The statement further added, “India is expected to be the fastest-growing fuel market in the world over the next 20 years, with… Continue Reading...

Tagged: Reliance Industries Limited   Reliance Industries  
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