The petroleum retailing partnership between Reliance Industries and BP will see the British multinational bring in Rs 70 billion. "BP is acquiring 49 percent stake in our petro retail business. RIL will receive Rs 70 billion from BP for this transaction," Chairman Mukesh Ambani said while addressing the company's AGM in Mumbai on August 12.
RIL had announced the deal on August 6. The new joint venture that will include a retail service station network and aviation fuels business across India. This joint venture will also include RIL’s aviation fuels business, which currently operates at over 30 airports across India, providing participation in this rapidly-growing market.