INSUBCONTINENT EXCLUSIVE:
(RBML), a fuel and mobility joint venture
According to an official release, bp paid RIL $1 billion for a 49 per cent stake in the joint venture, while RIL will be holding the
said.According to the release the joint venture will seek to provide consumers with advanced fuels with lower emissions, electric vehicle
charging and other low carbon fuel options.RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to
RBML will aim to be a leader in mobility and low carbon solutions, bringing cleaner and affordable options for Indian consumers with digital
and technology being our key enablers," Mukesh Ambani, Chairman and Managing Director of RIL said, commenting on the joint venture.Notably,
in 2011 bp acquired a 30 per cent stake from Reliance in some of its exploration blocks and formed a gas sourcing and marketing tie-up
In 2017, the two companies signed agreements to explore options to work together to develop alternative fuels and mobility businesses
Then in 2019, the two companies announced the joint venture which has now become operational.
