bp: sets India venture with Reliance
(CercleFinance.com) - bp is boosting its efforts to expand in the Indian market, yesterday signing a fuel and mobility joint venture with local conglomerate Reliance Industries.
Under the terms of the deal, BP has paid Reliance 1 billion dollars for a 49% stake in the venture, with Reliance holding 51%.
Operating under the "Jio-bp" brand, the joint venture aims to become a leading player in India's fuels and mobility markets, with the goal to expand Reliance's fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years.
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