BP pays RIL $1 billion for 49% stake in petrol station network venture

British oil major bp and Reliance Industries (RIL) announced their new fuels and mobility joint venture Reliance BP Mobility Limited (RBML).
BP paid RIL $1 billion for a 49% stake in the JV, with RIL holding 51% in the venture, which aims to set up petrol pump stations across the country. It will operate under the brand name ‘Jio-bp” and leverage Reliance’s presence across 21 states and its millions of consumers through the Jio digital platform.
India is expected to be the fastest-growing fuels market in the world over the next 20 years, with the number of passenger cars in the country estimated to grow almost six-fold over the period.
RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years. This rapid growth will require a four-fold increase in staff employed in service stations – growing from 20,000 to 80,000 in this period.
The joint venture also aims to increase its presence from 30 to 45 airports in the coming years.
The new joint venture aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time.