Now Jio will open petrol pumps in the city, deal with this foreign company!
Now petrol pumps are going to open in the city by the name of Jio. An agreement has been reached between Mukesh Ambani's Reliance Industries and UK energy company BP PLC. Together, the two companies will focus on expanding the network of petrol pumps in India.
Actually, according to the agreement between the Jio-BP brand, the number of petrol pumps in India will be increased from the existing 1400 to 5500. Giving information about this, the company said that RIL and BP have entered into a binding agreement to set up a joint venture in the new fuel brand sector in India.
According to Reliance Industries, this agreement is different from the initial agreement in August. It states that the joint venture will be formed in the first half of 2020, if necessary regulatory and other approvals are received.
At present, Reliance has a total of 1400 petrol pumps in the country. Apart from this, there are about 30 aircraft fuel stations at some airports. These will be acquired by RIL-BP's new joint venture and this network should be expanded in future.
According to this new agreement, RIL will have a 51 percent stake in the agreement reached for the expansion of the petrol pump, while BP will have a 49 percent stake. For this a joint venture has been created between Reliance Industries Limited and BB.
Earlier in August, RIL said that BP would pay Rs 7,000 crore for a 49 per cent stake in its existing petrol pump business. This is the third joint venture agreement between Reliance and BP since 2011.
There are a total of 66,408 petrol pumps across the country at this time, out of which 59,831 pumps of public companies. Public oil marketing companies plan to double their network. Russia's Rosneft-promoted Naira Energy, formerly Essar Oil, has 5,453 petrol pumps and plans to increase the number to 7,000 in the next two-three years.
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