British Petroleum (BP) has paid Reliance Industries Limited $1 billion for a 49 per cent stake in their new Indian fuels and mobility joint venture, Reliance BP Mobility Limited (RBML), with Reliance Industries Ltd. (RIL) holding 51 per cent.
RBML aims to become a leading player in India’s fuels and mobility markets. It will grow rapidly in meeting the fastest growing demands of energy and mobility in India, under the ‘Jio-bp’ brand. Jio digital platform will leverage Reliance’s presence across 21 states and BP’s extensive global experience in high-quality differentiated fuels, lubricants, retail and advanced low carbon mobility solutions. It will expand its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years.
“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,” said RIL chairman, Mukesh Ambani. RBML aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time. It will begin selling fuels and Castrol lubricants which will be rebranded to Jio-bp from existing outlets. Bernard Looney, Chief Executive Officer of BP said, “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”.

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