Mukesh Ambani-led Reliance Industries Limited (RIL) with British energy giant BP plc has formed new JV that will include a retail service station network and aviation fuels business across India. The RIL holds 51 percent stake in this new joint venture company and BP owns the remaining 49 percent stake. The JV assumes ownership of RIL’s existing Indian fuel retail network of over 1,400 sites across India. The partners aim to expand fuel retail stations rapidly to up to 5500 sites over the next five years. The 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. Opening of new fuel stations by RIL and BP in 5500 sites means emergence of a new business opportunity for signage players involving in branding and signage projects in the sector.
