BP BP Plc

By Adriano Marchese

BP PLC said Thursday that it has entered into a joint venture with Reliance Industries Ltd. to operate in India's fuels and mobility markets.

The U.K. oil major said it has invested $1 billion for a 49% stake in the new JV, Reliance BP Mobility Ltd., operating under the Jio-bp brand. Reliance has the remaining 51% interest.

The joint venture was originally proposed in August last year.

The two partners expect India to be the fastest-growing fuels market in the world over the next 20 years, with the number of passenger cars in the country estimated to increase almost sixfold in that time.

The joint venture will aim to expand from a current fuel retailing network of more than 1,400 retail sites to up to 5,500 over the next five years. It expects to employ up to 80,000 people, from 20,000 currently.

The new JV will also reflect BP's net-zero ambitions, it said, aiming to provide Indian consumers with lower-emissions fuels.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

July 09, 2020 10:43 ET (14:43 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.