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Business deals

Reliance and BP to form venture to grow India fuel retail network

Jio-BP plans to quadruple fuel stations to 5,500 across country in 5 years

Reliance Industries, India's largest company by market capitalization, is run by its billionaire chairman, Mukesh Ambani.   © Reuters

MUMBAI (NewsRise) -- Reliance Industries signed a definitive agreement with British energy major BP to form a joint venture that will expand the Indian conglomerate's fuel retail network by four times over the next five years.

The new venture -- Jio-BP -- will expand Reliance's current network of retail outlets and aviation fuel stations across India to up to 5,500 and 45, respectively, over the next five years, both the companies said in a statement. Reliance currently has 1,400 fuel retail sites and 30 aviation fuel stations.

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