Reliance, BP announce JV to set up 5,500 petrol pumps; RIL to hold 51%

Out of the total 6,802 fuel retail outlets run by private sector companies in India, around 20.5 per cent or 1,400 are currently with the RIL

Mukesh Ambani-led Reliance Industries and global oil and gas major BP Plc have decided to extend their oil and gas sector tie up to the retail sector, with the formation of a new joint venture company that will include a retail service station network and aviation fuels business across India. The new venture will also look into innovative models like mobile fueling units and home delivery.

RIL and BP’s venture will incorporate and build on RIL’s current fuel retailing network across India, which the partners aim to grow rapidly to up to 5,500 sites over the next five years, said