New Delhi: Reliance Industries and British Petroleum (BP) are set to form a joint venture to set up 5,500 petrol pumps and retail aviation turbine fuel to airlines in India, an official statement released by the two companies on Tuesday said. Reliance Industries and BP "have agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India," the statement said.
The JV is aimed at building on Reliance's existing fuel retailing network of nearly 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.
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While Reliance will hold 51 percent in the JV, BP will have the remaining 49 percent. Additionally, the ownership of Reliance's existing fuel retail network and its aviation fuel business will go to the joint venture.
"It is anticipated that final agreements will be reached during 2019 and, subject to regulatory and other customary approvals, the transaction will be complete in the first half of 2020," the statement added.