BP and Reliance Industries Ltd (RIL) have announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Ltd. (RBML).
The JV will operate under the “Jio-BP” brand. All Reliance fuel stations will be rebranded as Jio-BP in due course. In 2019, BP had paid RIL $1 billion to pick up a 49% stake in the fuel retailing business.
RBML aims to expand from its current fuel retailing network of more than 1,400 retail sites to up to 5,500 over the next five years.
The number of staff in the joint venture will also increase from 20,000 to 80,000 during this period.
Mukesh Ambani, CMD, RIL, said: “RBML will aim to be a leader in mobility and low-carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers.”
RBML has received the marketing authorisation for transportation fuels and other necessary regulatory and statutory approvals. The joint venture will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets.
