New Delhi, Business Desk. Reliance Industries and BP India today announced the launch of their new Indian fuel and mobility joint venture, Reliance BP Mobility Limited (RBML). Last August, the companies announced their plans to form a new joint venture company, which would be owned by RIL with 51% while the rest would be owned by BP. RIL had said that BP would pay around Rs 7,000 crore to acquire a 49% stake in its existing petrol pumps and aviation turbine fuel network.
BP said in a statement that operating under the Jio-BP brand, the joint venture aims to be a leader in India’s fuel and dynamic markets, adding that Reliance’s presence in 21 states and its millions through the Jio digital platform Consumers will get the benefit.
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In this partnership, BP will use its high quality fuels, lubricants, retail and advanced low carbon mobility. RBML has obtained marketing rights for transportation fuels, among other necessary regulatory and statutory approvals. The joint venture will start selling fuel and castrol lubricants from its existing retail outlets with immediate effect, which will be converted to Jio-bp ‘in due time.
India may be the fastest growing fuel market in the world in the next 20 years, the number of passenger cars in the country is projected to increase nearly six-fold. RBML aims to expand its existing fuel retailing network to over 5,500 over 1,400 retail sites over the next five years.
For this, the number of employees working in service stations will have to increase four times, from the current 20,000 to 80,000. The joint venture aims to increase its presence from 30 to 45 airports in the coming years.
