BP's acquisition of UK's largest EV charging firm may deepen ties with RIL

BP logo
Majority of Britain's electric vehicle (EV) may soon start running on British Petroleum's charge. BP on Thursday announced that it has entered into an agreement to purchase Chargemaster, the UK’s largest electric vehicle (EV) charging company. 

Chargemaster operates the UK’s largest public network of EV charging points, with over 6,500 across the country. It also designs, builds, sells and maintains EV charging units for a wide range of locations, including services for home charging.

BP's presence in India is majorly in the areas of technology and upstream oil and gas sector. It is in 30 per cent partnership with Reliance Industries Ltd (RIL) for its major blocks including the flagship KG-D6 that has seen a drop in natural gas production over the last few years. 

Tufan Erginbilgic, chief executive, BP Downstream, said: “Bringing together the UK’s leading fuel retailer and its largest charging company, BP Chargemaster will deliver a truly differentiated offer for the country’s growing number of electric vehicle owners. 

“At BP we believe that fast and convenient charging is critical to support the successful adoption of electric vehicles. Combining BP’s and Chargemaster’s complementary expertise, experience and assets is an important step towards offering fast and ultra-fast charging at BP sites across the UK and to BP becoming the leading provider of energy to low carbon vehicles, on the road or at home.”

The Mukesh Ambani-promoted largest private sector oil and gas player in India is looking to foray into electric vehicle segment. BP's takeover of Chargemaster could in future help RIL use some of its auto fuel vending outlets in India for EV charging. India had initially planned to shift passenger vehicles completely to electric by 2030 but later changed gears by saying that no EV policy is on the anvil.

  • Chargemaster is the operator of the UK’s largest EV charging network and the leading supplier of EV charging infrastructure. 

     
  • Acquisition is an important step in scaling up and deploying a fast and ultra-fast charging network on BP’s UK forecourts.

     
  • Chargemaster to be rebranded BP Chargemaster

     
  • BP is present in India as RIL's 30% partner in its oil and gas block

     
  • RIL is looking to enter the EV segment

     
  • RIL and BP announced last year a joint collaboration in other areas as well


Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel