BP Finances Reliance Industries Limited for $1 Billion in fuel joint venture

BP Finances Reliance Industries Limited for $1 Billion in fuel joint venture. Therefore, BP has payed Reliance (RIL) $1 billion. Hence, for 49% stakes in fuel Joint Venture.

BP Finances Reliance Industries Limited for $1 Billion in fuel joint venture. Therefore, BP finances for Reliance (RIL) $1 billion. Hence, for 49% stakes in fuel Joint Venture. By this the two company concluded the agreement which they signed last year.

Reliance holds 51% share in Reliance BP Mobility, which will operate from now as Jio – bp brand.

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This joint venture of Reliance- BP will sell fuels and Castrol lubricants. The agreement was done in retail and aviation fuel. Castrol is a brand owned by BP.

Relaince- bp Mobility plans to increase the fuel retailer outlet from 1,400 to 5,500 sites within 5 years. It also aims to increase its presence to 45 airports in coming days.

India is a country that will require more energy. For its economic growth and, as it prospers, its needs for mobility and convenience will accelerate. This new venture is a unique opportunity to build a leading, fast-growing business that can help meet India’s demands and create exciting new digital and low-carbon options for the future.

Bernard Looney, CEO of BP said to the sources.

Moreover, Relaince-bp Mobility Joint Venture is expected to quadruple employment. Also in service sector to 80,000. Bp will bring its global experience in fuels and lubricants. This joint vencture will work continuously on bringing out low-carbon mobility solutions.