Reliance & BP partner to set up fuel retail business in India

According to media reports, Reliance Industries and BP will be setting up a fuel retail business in India. The two companies will form a 51:49 joint venture and plan to set up 5,500 fuel stations in the next 5 years. A fuel home delivery service will also be offered.

Earlier this week, Reliance Industries and the BP Group signed an agreement formalizing the joint venture. The final agreement will reportedly be signed later this year. The transaction is expected to be completed in the first half of 2020.

At the moment, Reliance operates more than 1,400 fuel stations in India. BP, which has a stake in Reliance Industries had already received a licence to operate fuel stations in India three years ago.

Source: Economic Times