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BP, Reliance Form JV To Set Up 5,500 Petrol Pumps In India

UK's BP plc. (BP.L,BP_UN.TO,BP) and India's Reliance Industries Limited agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India, the companies said.

Reliance Industries will hold a 51% stake in the new joint venture company while BP will hold 49%.

It is anticipated that final agreements will be reached during 2019 and, the transaction will be complete in the first half of 2020.

Reliance and BP's venture will incorporate and build on Reliance's current fuel retailing network of over 1,400 sites across India, which the partners aim to grow rapidly to up to 5,500 sites over the next five years.

The joint venture will also include Reliance's aviation fuels business, which currently operates at over 30 airports across India.

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