British Petroleum (BP) invested 49 million in Reliance Industries (RIL) ‘s Fuel Retail Venture for $ 1 billion
New Delhi: British Petroleum (BP) and Reliance Industries (RIL) today announced to work together. British Petroleum (BP) acquired a 49 per cent stake in Reliance Industries (RIL) ‘s fuel retail venture by investing $ 1 billion. The two companies will now work together in the field of Fuel And Mobility.
The joint venture has been named Reliance BP Mobility ltd (RBML), and will benefit from Reliance’s presence in 21 states and millions of customers of Jio platforms. Through this venture, Reliance will benefit from BP’s experience in fuel global standards, lubricants, retail and advanced low carbon solutions.
According to one estimate, fuel demand in India will be the fastest in the whole world in the next 2 decades. In fact, the number of passenger cars in the country is estimated to increase about 6 times, both companies are expanding the business keeping in mind this demand and market.
RBML has targeted to increase the existing 1,400 retail sites to 5,500 in the next five years. In these 5 years, the number of existing 20 thousand employees will increase to 80 thousand. The goal of this joint venture is to reach 30 to 45 airports in the country.
BP CEO Bernard Looney said, “India is rapidly innovating in the fields of digital technology, value engineering and new energy solutions.” India is a country where energy will be needed on a large scale for rapid economic growth. Its mobility fuel is needed so that this growth can be accelerated further.
