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Reliance and BP form a joint venture for rebranding petrol pumps

On Thursday, Reliance industries limited and BP declared the beginning of their novel fuel retailing and mobility joint venture called Reliance BP mobility or RBML. The new joint venture will begin rebranding RIL fuel retail to Jio-BP as well as consider providing electric vehicle charging and various low carbon solutions in the near future.
The two companies have signed a definitive agreement for the creation of the joint venture in December 2019 with the terms that the retail operations would be carried out under the name of Jio BP. the contract also had a deal of Reliance transferring ownership of its existing fuel retail network as well as making its aviation fuel business accessible to the other party.
As per the official sources, the joint venture has already received marketing authorization for transportation fuels and will begin setting fuel and Castrol lubricants as soon as possible from existing retail outlets which will soon be rebranded.

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As a part of the deal, BP has paid Reliance dollar 1 billion for the purchase of a 49% stake in the joint venture Reliance holding the remaining 51%. The venture would expect to expand the fuel retailing network to 5500 outlets in the coming five years from the current 1400 outlets. This would also increase the employment which the companies save would grow from 20,000 to 80,000 during the period.
BP Chief Executive Officer, Bernard Looney in a statement said that BP has a proud history in the Indian subcontinent spanning over one hundred years and that the company feels honored to be a strategic partner with Reliance Industries which is India’s most valuable company at the moment. He also said that BP is pleased that their partnership has grown in both substance and spirit over this past decade and that Reliance’s digital potential, technical expertise, and reach would complement the company’s international fuels and service offers. Today’s announcement is another milestone in our common goal to serve the Indian consumer.