BP and Reliance Industries (RIL) have launched their new Indian fuels and mobility joint venture, Reliance BP Mobility (RBML).
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. BP has paid RIL USD one billion for 49 percent stake in the joint venture (JV), with RIL holding 51 percent.
Operating under the ‘Jio-BP’ brand, the JV aims to become a leading player in India's fuels and mobility markets. 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.
RBML aims to expand 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 JV also aims to increase its presence from 30 to 45 airports in coming years.
RBML is also committed to decarbonisation of its own operations as well as that of its wider ecosystem.
RBML has received marketing authorisation for transportation of fuels, amongst other necessary regulatory and statutory approvals. The JV 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.