New Delhi: Reliance Industries (RIL), led by Mukesh Ambani, has announced the opening of 5,500 petrol pumps. The pump will be opened in association with Reliance UK's BP PLC. Both have agreed to build 5,500 petrol pumps for airlines in India and a new joint venture to set up retail aviation turbine fuel.
In a statement two firm said that they have agreed to create a new joint venture that will include a retail service station network and aviation fuel business across India.
The joint venture will build about 1,400 petrol pumps and an aviation fuel business on Reliance's existing fuel retailing network. "The joint venture will also include RIL's aviation fuel business, which is currently operating at more than 30 airports across India, which is a stakeholder in this fast growing market," the statement said. Reliance will have 51 per cent participation in the new joint venture, while BP will have the remaining 49 per cent participation.
The joint venture will retain ownership of Reliance's existing Indian fuel retail network and access its aviation fuel business. In the statement it is said that the final agreements will be reached during 2019 and transactions subject to regulatory and other customary approvals will be reduced in the first half of 2020. RIL and BP have laid the groundwork since 2011 after the partnership and expanded in 2017 with a target of developing a variety of fuel and mobility businesses.
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