Reliance Industries and UK's BP plc have agreed to form a new joint venture to set up 5,500 petrol pumps and retail aviation turbine fuel to airlines in India, the two firms said on Tuesday.
In a statement, the two firms said, "They have agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India".
The joint venture will build on Reliance's existing fuel retailing network of near 1,400 petrol pumps and an aviation fuel business.
"This joint venture will also include RIL's aviation fuels business, which currently operates at over 30 airports across India, providing participation in this rapidly-growing market," the statement said.
Reliance will hold 51 per cent stake in the new joint venture, while BP will have the remaining 49 per cent. This joint venture would assume ownership of Reliance's existing Indian fuel retail network and access its aviation fuel business.
"It is anticipated that final agreements will be reached during 2019 and, subject to regulatory and other customary approvals, the transaction will be completed in the first half of 2020," it added.
