New Delhi, July 10 -- Reliance Industries Ltd (RIL) and British Petroleum (BP) on Thursday announced the start of their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (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, a joint statement said.
BP has paid RIL $1 billion for a 49 per cent stake in the joint venture, with RIL holding 51 per cent.
"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," the ...