The venture will include RIL’s aviation fuels business, which currently operates at over 30 airports across India. It will also incorporate and build on RIL’s current fuel retailing network, which we aim to grow rapidly over the next five years and assume ownership of the company’s existing Indian fuel retail network.
Commenting on the JV, Bob Dudley, group chief executive of BP said:
“India is set to be the world’s largest growth market for energy by the mid-2020s. BP is already a large investor here and we see further attractive, strategic opportunities to support this growth. We are working closely with Reliance to develop India’s gas resources, helping meet the country’s demand for that key fuel.”
Mukesh Ambani, chairman and managing director of RIL, added:
“This partnership is a testimony to the strong ties between BP and Reliance. Our robust partnership in developing gas resources in India has now expanded to fuel retailing and aviation fuels. This transformative partnership will deepen our engagement with the consumers in further enhancing the world-class services across the country.”