RIL, BP sign pact on fuel retail venture


The Indian Express

ENS Economic Bureau

The JV is expected to be formed in the first half of 2020, subject to regulatory and other customary approvals.

UK oil giant BP and Reliance Industries Ltd (RIL) on Monday signed a definitive agreement relating to the formation of their new Indian fuels and mobility joint venture (JV). This follows the initial heads of agreement signed in August this year. The JV is expected to be formed in the first half of 2020, subject to regulatory and other customary approvals.

“The new venture, a further development of RIL and BP’s longstanding partnership, will include an India-wide fuels retail service station network and aviation fuel marketing business. Building from RIL’s existing businesses, the partners expect the venture to co-create a world class fuels partnership to grow rapidly and help meet India’s fast-growing demands for energy and mobility,” RIL said in a statement.

The JV expects to expand from RIL’s current fuel retailing network of over 1,400 retail sites and 30 aviation fuel stations across India to up to 5,500 retail sites and 45 aviation fuel stations over next five years. Castrol lubricants will also be available across the JV’s network. The agreement was signed here by RIL CMD Mukesh Ambani and BP Group Chief Executive Bob Dudley. The partners intend to set up a new JV company, held 51 per cent by RIL and 49 per cent by BP.

Brookfield to invest in RIIHL
Mumbai: RIL on Monday said its wholly-owned subsidiary Reliance Industrial Investments and Holdings (RIIHL) has entered into binding agreements with Brookfield Infrastructure Partners, and its institutional partners, for an investment of Rs 25,215 crore in the units to be issued by Tower Infrastructure Trust. 

Reference:  https://indianexpress.com/article/business/companies/ril-bp-sign-pact-on-fuel-retail-venture-6170742/

Comments

Post a Comment

Popular posts from this blog

India Joins Russia in Voting Against West-Backed Move to Expand Powers of OPCW

The Wire: June 28, 2018 New Delhi: India voted against a UK-backed move that will allow the global chemical weapons watchdog to apportion blame for illegal attacks, criticising the decision to grant “unchecked powers” to the head of the group which could be used for “partisan” purposes. On Wednesday, more than two-thirds of the member states of the Organisation for the Prohibition of Chemical Weapons (OPCW) voted to authorise the international body to identify the perpetrators and sponsors of a chemical weapons attack. It also specifically called on the OPCW’s technical secretariat to begin work on identifying the perpetrators behind the use of chemical weapons in Syria. The draft decision, sponsored by 30 countries, was adopted at the fourth special session of the conference of the states parties to the Chemical Weapons Convention at the Hague, with 82 in favour and 24 negative votes. While Europe, the United States and their allies voted ‘yes’, there was strong oppo...
Read more

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017...
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav...
Read more