BP and Reliance Industries start joint venture in India

BP and Reliance Industries have announced the start of their joint venture, Reliance BP Mobility (RBML), to expand Reliance’s consumer and aviation fuels business.

The joint venture was agreed in 2019, and the transaction has now been completed with BP paying Reliance US$1bn for a 49% stake. BP will bring its experience in high-quality differentiated fuels, lubricants, retail, and advanced low carbon mobility solutions, to allow Reliance to grow its consumer fuel business as well as expand its presence at airports. RMBL is expected to grow rapidly to meet India’s growing energy needs and it will operate under the brand Jio-bp.

In line with BP’s net zero target, the joint venture aims to provide advanced fuels with lower emissions, electric vehicle charging. RMBL also aims to decarbonise its own operations.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said: “Reliance is expanding on its strong and valued partnership with BP, to establish a pan-Indian presence in retail and aviation fuels. 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 of BP, said: “Reliance’s digital capabilities, technical expertise and reach complement our international fuels and service offers. 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.”