NEW DELHI: British petroleum major BP Plc and Mukesh Ambani-owned Reliance Industries (RIL) on Thursday announced the official launch of their retail fuel joint venture: Reliance BP Mobility Ltd (RBML). This unit, in which BP owns a 49 per cent stake with RIL holding the rest, will retail fuel on the market under the ‘Jio-bp’ brand, a joint statement said.
BP had bought the stake in the RIL venture last year, getting a hold on RIL’s 1,400-odd petrol pumps and 31 aviation turbine fuel (ATF) stations for $1 billion. “Following initial agreements in 2019, BP and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned,” the companies said.
According to the companies, the Jio-bp brand will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets, which will be rebranded to ‘Jio-bp’ in due course. “It will 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,” the statement said.