RIL-BP fuel & mobility JV operation begins

Reliance BP Mobility (RBML), the fuel and mobility joint venture (JV) between Billionaire Mukesh Ambani owned petrochemical to telecom giant Reliance Industries (RIL) and the UK-based oil and gas company bp, has commenced operation under the “Jio-bp” brand.
The JV will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlet.
bp paid RIL $1 billion for a 49% stake in the joint venture, while RIL will be holding the remaining 51%.
The JV aims to become a leading player in India’s fuels and mobility markets. It seeks to provide consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon fuel options.

RBML 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, and will also aim to  increase its presence from 30 to 45 airports in the coming years.
It will leverage RIL’s presence across 21 states and its millions of consumers through the Jio digital platform. bp will bring its extensive global experience in high quality differentiated fuels, lubricants, retail and advanced low carbon mobility solutions.

In 2011, bp acquired a 30% stake from Reliance in some of its exploration blocks and formed a gas sourcing and marketing tie-up. In 2017, the two companies signed agreements to explore options to work together to develop alternative fuels and mobility businesses. Then in 2019, the two companies announced the joint venture which has now become operational.

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