The partners plan to expand the fuel retailing network to as many as 5,500 stations over the next five years. The companies
expect final agreements for the joint venture this year and to complete the transaction in the first half of 2020. Reliance will hold 51 per cent in the new venture, while BP will own the remainder.
Ambani also announced Monday that Saudi Aramco
agreed to buy a 20 per cent stake in Reliance’s oil refining and petrochemicals division. Reliance values the unit at $75 billion including debt, implying a $15 billion valuation for the stake. Reliance’s share of the fuel retail venture is included in the Aramco
deal, he said.