BP and Indian conglomerate Reliance Industries Limited will form a joint venture to develop a fuel service station network and aviation fuels business in India, BP said on Tuesday.
The partners aim to expand the number of fuel stations in the country to 5,500 sites over the next five years.
Reliance is already a key player in the aviation fuels business with operations at over 30 airports across India, while BP is set to enter the field through this new venture.
“India looks to be the perfect country for this partnership as the country is expected to be the fastest-growing fuels market in the world over the next 20 years,” Bob Dudley, group chief executive said.
The number of passenger cars in the country is estimated to grow to over 220 million from 37 million in 20 years.
Reliance will take a 51% stake in the joint venture with BP acquiring the remaining 49% share.
By Zeynep Beyza Kilic