Reliance Industries Ltd. (RIL) and U.K.-based energy major BP on Friday announced the incorporation of India Gas Solutions Pvt. Ltd., a 50:50 joint venture company, which will focus on global sourcing and marketing of natural gas in India. Funded with equal equity from BP and RIL, India Gas Solutions will also develop infrastructure to accelerate transportation and marketing of natural gas within the country.

The company's board comprises six members with equal representation from BP and RIL. Kris Sliger from BP will be appointed Chairman and RIL's Bibhas Ganguly will be Vice-Chairman. The executive team comprises Hiten Mehta (BP) as Chief Executive Officer; Suresh Manglani (RIL) as Chief Financial Officer; Amit Mehta (RIL) as Chief Operating Officer; and Brian Dodson (BP) as Chief Commercial Officer.

“Our vision is to see the RIL-BP joint venture company emerge as a major participant in meeting India's growing gas demand. The need for assured gas supplies to fuel this growth is crucial and the RIL-BP partnership is in a unique position to contribute significantly in this respect,” BP India Region President and Country Head Sashi Mukundan said in a statement.

India Gas Solutions will commence operations with 30 employees seconded from BP and RIL, with deep experience in the gas business, both in India and internationally.

More In: Companies | Business | Delhi