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Mumbai: British oil major bp and Reliance Industries (RIL), on Thursday, announced their new fuels and mobility joint venture Reliance BP Mobility Limited (RBML).
BP paid RIL $1 billion for a 49% stake in the JV, with RIL holding 51% in the venture, which aims to set up petrol pump stations across the country. It will operate under the brand name ‘Jio-bp” and leverage Reliance’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. bp and RIL expect the venture to grow rapidly to help meet India’s fast-growing demands for energy and mobility,” the two companies said in a joint statement.
India is expected to be the fastest-growing fuels market in the world over the next 20 years, with the number of passenger cars in the country estimated to grow almost six-fold over the period.
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. This rapid growth will require a four-fold increase in staff employed in service stations – growing from 20,000 to 80,000 in this period, the statement said.
The move comes even as RIL, which operates the world’s biggest oil refining complex in Jamnagar, is in talks with Saudi Arabia’s Aramco to sell a 20% stake in the oil & gas to chemical conglomerate.
The joint venture also aims to increase its presence from 30 to 45 airports in the coming years. Mukesh Ambani, Chairman and Managing Director of RIL said: “Reliance is expanding on its strong and valued partnership with bp, to establish a pan-Indian presence in retail and aviation fuels. RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers”.
The new joint venture aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time. RBML is also committed to the decarbonization of its own operations as well as that of its wider ecosystem.