Reliance Industries (RIL), the parent firm of Jio Reliance and bp on Thursday announced the start of 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 $1 billion for a 49% stake in the joint venture, with RIL holding 51%.
Operating under the 'Jio-bp' brand, the joint venture 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
bp and RIL expect the venture to grow rapidly to help meet India’s fast-growing demands for energy and mobility. India is expected to be the fastest-growing fuels market in the world over the next 20 years, with the number of passenger cars in the country estimated to grow almost six-fold over the period. RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years.
Reflecting the companies’ net zero ambitions, the new joint venture aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time. RBML is also committed to the decarbonization of its own operations as well as that of its wider ecosystem.
Mukesh Ambani, Chairman and MD, Reliance Industries
RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital and technology being our key enablers.
Bernard Looney, CEO, bp
It is a country that will require more energy for its economic growth and, as it prospers, its needs for mobility and convenience will accelerate. bp has a proud history in India spanning over a century.
