- Indian multinational conglomerate Reliance Industries and multinational oil and gas company BP aim to enter into a joint venture to own Reliance’s existing petroleum retail marketing business and operate its aviation fuel business.
- The parties intend to expand these businesses from the existing 1,400 retail outlets and 30 aviation fuel stations and operate them under joint branding, Jio-BP.
- Reliance will receive Rs70 billion from BP for acquiring a 49% stake in the joint venture.
- This mandate marks the third joint venture between the two companies since 2011.
Shah Shameer Ahmed - Researcher