RIL, BP in pact for retailing motor, aviation fuels

TIL Desk/Business/Mumbai/ Reliance Industries (RIL) and British energy major BP on Tuesday announced a joint venture for expansion of motor and aviation fuels retail business. RIL will hold 51 per cent and BP 49 per cent stake in the JV.

The agreement was signed by Mukesh Ambani, RIL Chairman, and Bob Dudley, Group Chief Executive of BP, in Mumbai on Tuesday. According to an agreement, the JV will assume ownership of RIL”s Indian fuel retail network and also access its aviation fuel business.

“BP and RIL today (Tuesday) announced that they have agreed to form a new JV that will include a retail service station network and aviation fuels business across India. Building on RIL”s existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country”s fast-growing demand for energy and mobility,” it said.