The statement added that RBML had received marketing authorisation for transportation fuels, among other necessary regulatory and statutory approvals. “The JV will begin selling fuel and Castrol lubricants with immediate effect from existing retail outlets, which will be rebranded ‘Jio-BP’ in due course,” it added.
BP has paid RIL $1 billion for a 49 per cent stake in the joint venture, while RIL will hold the remaining 51 per cent. “Following initial agreements in 2019, BP and RIL teams worked closely in a challenging environment to complete the transaction,” said the joint statement.
The JV looks to expand the fuel retailing network of 1,400 outlets to 5,500 in the next five years. The statement added that the expansion would also lead to staff augmentation. “This rapid growth will require a 4x increase in staff employed in service stations — growing from 20,000 to 80,000 during the period,” it said.
In the aviation fuel supply segment, the JV looks to increase its presence from 30 to 45 airports, in the coming years. It would look to leverage RIL’s presence across 21 states and its millions of consumers through the Jio digital platform, the statement added.
“Reliance is expanding on its strong and valued partnership with BP, to establish an all-India presence in retail and aviation fuel. RBML will aim to be a leader in mobility and low-carbon solution, bringing cleaner and affordable options to Indian consumers with digital and technology being our key enablers,” said Mukesh Ambani, chairman and managing director of RIL.