logo
Plus   Neg
Share
Email

Bp, Reliance Launch 'Jio-bp' Partnership

Bp Plc. (BP.L,BP_UN.TO,BP) and India's Reliance Industries Limited said that they have started their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited or RBML.

bp and Reliance Industries have completed the transaction, after initial agreements in 2019. bp has paid Reliance Industries $1 billion for a 49% stake in the joint venture, with Reliance Industries holding 51%.

Bp noted that operating under the "Jio-bp" brand, the joint venture aims to become a leading player in India's fuels and mobility markets.

Reliance BP Mobility 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. The 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.

Reliance BP Mobility has received the marketing authorization for transportation fuels, amongst other necessary regulatory and statutory approvals. The joint venture will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets, which will be rebranded to "Jio-bp" in due course.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The U.S. Food and Drug Administration (FDA) has gone ahead with the approval of antiviral drug remdesivir as first treatment for COVID-19, notwithstanding last week's findings by the World Health Organization (WHO) that the drug is not effective for COVID-19 treatment. Thursday, Gilead Sciences announced that the FDA approved remdesivir, sold under the brand name Veklury. Integrated payments firm American Express Co. (AXP) reported Friday that net income for the third quarter declined to $1.1 billion or $1.30 per share from $1.8 billion or $2.08 per share in the prior-year quarter. Consolidated total revenues, net of interest expense, also decreased 20 percent to $8.8... The Federal Trade Commission or FTC has launched a new fraud reporting platform, using which, consumers can easily report fraud and all other consumer issues directly to the regulator. In a statement, the FTC said its new website, ReportFraud.ftc.gov, will provide a streamlined and user-friendly way to submit reports about scams, frauds, and bad business practices.
RELATED NEWS
Follow RTT