Reliance Industries (RIL) will expand its fuel retail business in a joint venture with British energy major BP under the brand ‘Jio-BP’ to a network of 5,500 petrol pumps in the next five years from 1,400 at present. RIL and BP signed a definitive agreement to form the new Indian fuels and mobility joint venture after an initial agreement in August, an RIL statement said. The JV, where RIL will hold 51% and BP the balance 49% stake, will take ownership of RIL’s existing Indian fuel retail network and access its aviation fuel business.

(Economic Times)