Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>Mukesh Ambani-owned Reliance Industries announced a new pact with BP to sell fuel for airlines in India.</li><li>The company said that it will make about ₹7000 crore from the joint venture.</li><li>The announcement came with the company's quarterly earnings report.</li></ul>Mukesh Ambani-owned Reliance Industries announced a new pact with BP to sell fuel for airlines in India. The announcement came with the company's quarterly earnings report. "BP and RIL agreed to form a new joint venture that will include a retail service station network and aviation fuels business across India. Building on Reliance’s existing Indian fuel retailing network and an aviation fuel business, the partners expect the venture to expand rapidly to help meet the country’s fast-growing demand for energy and mobility. Reliance will get approximately ₹7,000 crore from BP’s investment in this joint venture," the statement said. 
 
 
 
 
 <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[
<div class="flourish-embed" data-src="visualisation/790722"></div>
]]></cdata></div>









 The two companies formed a partnership in 2011 and decided to expand the tie-up in 2017. The two companies together operate fuel retailing outlets in the country and intend to increase the number of fuel-vending stations to 5,500. SEE ALSO: <a href="https://www.businessinsider.in/business/news/reliance-industries-retail-q2-earnings-report/articleshow/71651677.cms" data-type="tilCustomLink" target="_blank">Reliance Retail surprises with a sharp growth of 27.3% despite slowdown</a> <a href="https://www.businessinsider.in/top-highlights-from-mukesh-ambani-owned-reliance-industries-rils-quarterly-earnings/articleshow/71651084.cms" data-type="tilCustomLink" target="_blank">Reliance Industries posts a record profit even as refining and telecom verticals soften</a> <a href="https://www.businessinsider.in/business/corporates/news/reliance-jio-plans-made-more-money-but-added-fewer-subscribers/articleshow/71651933.cms" data-type="tilCustomLink" target="_blank">Reliance Jio added fewer subscribers in Q2 but made more money out of them</a>

Reliance Industries makes a new pact with BP to sell jet fuel in India

<ul><li>The joint venture between <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Industries and BP plans to have 5,500 retail sites and 45 aviation fuel stations over the next five years.</li><li>The fuel retailing stations will branded as Jio-BP outlets. </li><li>The JV is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals.</li></ul>The success of Reliance Jio's telecom venture has made it a household name in India. Now, <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> wants to extend the brand presence to the fuel retailing stations too. Along with its third-quarter earnings, Reliance Industries announced that its pact with BP will be extended to form a new Indian fuels and mobility joint venture. "The venture 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 the next five years," the company statement said."The retail network will operate under the Jio-BP brand," it added. The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals. BP is a one-third partner in the KG-D6 oil and gas basin along with RIL and Canadian company Niko. The two companies, RIL and BP renewed their partnership last year, eight years after they first inked a pact to work together in India.

Not just mobile services, even Reliance petrol pumps will have 'Jio' brand on them

New Delhi, Jul 9 () Global energy supermajor BP plc and Reliance Industries Ltd on Thursday announced the start of their fuel retailing joint venture under the brand 'Jio-bp'. BP had last year bought 49 per cent stake in the 1,400-odd petrol pumps and 31 aviation turbine fuel (ATF) stations owned by Reliance Industries Ltd (RIL) for USD 1 billion. The joint venture, where RIL holds the remaining 51 per cent, has now commenced operations. "Following initial agreements in 2019, bp and RIL teams have worked closely over the past few months in a challenging environment to complete the transaction as planned," the companies said in a joint statement, adding the new fuels and mobility joint venture, Reliance BP Mobility Ltd (RBML), has started operations. Operating under the 'Jio-bp' brand, the joint venture aims to become a leading player in India's fuels and mobility markets. RBML has received the marketing authorisation for transportation fuels, amongst other necessary regulatory and statutory approvals. The joint venture will begin selling fuels and Castrol lubricants with immediate effect from its existing retail outlets, which will be rebranded to 'Jio-bp' in due course. "It will leverage Reliance's presence across 21 states and its millions of consumers through the Jio digital platform. bp will bring its extensive global experience in high-quality differentiated fuels, lubricants, retail, and advanced low carbon mobility solutions," the statement said. India's auto fuel retailing is dominated by public sector oil companies that own the majority of 69,392 petrol pumps in the country. State-owned IOC, BPCL and HPCL own 62,072 petrol pumps and 224 out of the 256 aviation fuel stations in the country. BP and RIL said they expect the venture to grow rapidly to help meet India's fast-growing demands for energy and mobility. "India is expected to be the fastest-growing fuel market in the world over the next 20 years, with the number of passenger cars in the country estimated to grow almost six-fold over the period. RBML aims to expand from its current fuel retailing network of over 1,400 retail sites to up to 5,500 over the next five years," the statement said. This rapid growth will require a four-fold increase in staff employed in service stations -- growing from 20,000 to 80,000 in this period. The joint venture also aims to increase its presence from 30 to 45 airports in the coming years. RIL Chairman and Managing Director Mukesh Ambani said: "Reliance is expanding on its strong and valued partnership with bp, to establish a pan-Indian presence in retail and aviation fuels. 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." Bernard Looney, BP chief executive officer, said India has been leading the way with innovations in digital technology, value engineering and new energy solutions. "It is a country that will require more energy for its economic growth and, as it prospers, its needs for mobility and convenience will accelerate. bp has a proud history in India spanning over a century. We are honoured to be a strategic partner with Reliance - India's most valuable company - and pleased that our partnership has grown in both substance and spirit over this past decade," he said. The new joint venture aspires to provide Indian consumers with advanced fuels with lower emissions, electric vehicle charging and other low carbon solutions over time. RBML is also committed to the decarbonisation of its own operations as well as that of its wider ecosystem, the statement said. With its many investments in India and employing around 7,500 people in the oil, gas, lubricants, and petrochemical businesses, BP is one of the largest international energy companies in India. In addition to its gas value chain, retail, aviation fuels, and mobility alliance with RIL, BP's activities include Castrol lubricants, oil and gas trading, clean energy projects through investment in Lightsource bp, IT back-office activities and a new global business services centre. BP owns 33.3 per cent stake in RIL-operated gas blocks in eastern offshore including the flagging KG-D6 block. ANZ ANZ ABM ABM

BP, Reliance to retail fuel under 'Jio-bp' brand

New Delhi, Feb 12 () Former Indian Oil Corp (IOC) chairman Sarthak Behuria has joined Reliance Industries as a senior advisor and will help shape the firm's fuel retail business. Behuria, 68, was till last year with the Adani Group. Sources said Behuria will provide "strategic direction and leadership" to the new fuel retail joint venture Reliance has floated with UK's BP. Last year, BP Plc paid Rs 7,000 crore to buy a 49 per cent stake in Reliance's fuel retail business. A new joint venture of the two firms will take over 1,400 petrol pumps run by Reliance along with its aviation fuel operations at more than 30 airports across India. The partners plan to expand the fuel retailing network to as many as 5,500 fuel retail stations over the next five years. Reliance will hold 51 per cent in the new venture. The BP deal was part of billionaire Mukesh Ambani's plan to cut debt of Reliance. Alongside the BP deal, he had also (in August last year) announced plans to sell a 20 per cent stake the firm's oil refining and petrochemicals division to Saudi Aramco at an enterprise value of USD 75 billion. Reliance's share of the fuel retail venture is included in the Aramco deal. St Stephen's and IIM Ahmedabad-educated Behuria began his career in the energy industry by joining Burmah Shell in 1973. He was then absorbed in Bharat Petroleum Corporation (BPCL), where he served varied portfolios in supply and distribution, sales, industrial relations, and downstream infrastructure, before rising to the position of Chairman and Managing Director in July 2002. In 2005, Behuria was appointed as the Chairman of IOC, India's largest oil refining and marketing company. At the end of his five-year term, he was eligible for an extension of service by about one year till his superannuation age but was denied an extension by the government. Post exit from IOC, he served as Group President of KK Modi Group of Companies from 2010 to March 2016. He was Executive Director (LPG/LNG Business) in Adani Group between April 2016 and 2019. ANZ ANSANS

Sarthak Behuria joins Reliance to steer fuel retail venture

<ul><li><keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> - <keyword id="32848" type="ORGANIZATION" weightage="20" keywordseo="BP">BP</keyword> to launch 2,000 <keyword id="4869" type="PERSON" weightage="20" keywordseo="Fuel">fuel</keyword> <keyword id="6354851" type="UNKNOWN" weightage="20" keywordseo="retail">retail</keyword> outlets across India over the next three years. </li><li>The move will set off alarm bells for India’s state-owned fuel giants, given their already-declining share of the fuel retail market. </li><li>As private companies gain a larger share of the fuel retail market in urban areas and highways, public-sector retailers will be forced to redirect their focus to rural and semi-urban areas. </li></ul>Reliance Industries, India’s largest company by market capitalisation, and global oil and gas supermajor BP are planning to launch 2,000 fuel retail outlets across India by 202, according to <a href="https://www.livemint.com/Companies/k2rv0minKHjw2lexia1x1H/Reliance-BP-to-jointly-set-up-2000-petrol-pumps-in-India.html">media reports</a> citing company insiders. A formal announcement is expected in the next few months after the specifics of the joint venture are hammered out. The news is likely to send India’s state-owned fuel giants into a tailspin. Their share of the rapidly-growing market has already been on a decline owing to the deregulation of fuel prices, which allows private companies to compete with state-owned ones. The Indian government has made a conscious decision to encourage the entry of private and foreign fuel retailers in recent years, in a bid to promote competition and attract foreign dollars. To that end, the government solicited <a href="https://www.reuters.com/article/us-global-oil/oil-little-changed-despite-saudi-pledge-to-boost-output-idUSKCN1MW02C">a joint investment </a>by Reliance and BP in the fuel retailing sector in June 2017. The move followed the two companies’ decision to develop <a href="https://www.bp.com/en/global/corporate/media/press-releases/bp-reliance-industries-to-progress-partnership.html">a series of deepwater gas fields</a> off India’s eastern coast. In October 2016, BP also secured a license to open <a href="https://in.reuters.com/article/bp-jet-fuel-india-idINKCN1260GE">3,500 fuel retail outlets</a> across India. The government’s open-market agenda is slowly paying off. Private fuel retailers are slated to hold as much as 15% of the market in 2021 compared to 1% in 2010, according to <a href="https://www.crisil.com/content/dam/crisil/our-analysis/reports/Research/CRISIL-Research-fuel-retailing-15May2017.pdf">a report</a> by CRISIL, a ratings agency. As private companies gain a larger share of the fuel retail market in urban areas and highways, public-sector retailers will be forced to leverage their distribution network and focus on rural and semi-urban areas. Reliance likely sees a joint venture with BP as a way of cementing its comeback in the sector. After making large strides in the fuel retailing sector in the early to mid-2000s, the Mukesh Ambani-owned conglomerate was forced to bow out after being unable to match the subsidised prices of state-backed fuel retailers like <keyword id="6354412" type="COMPANY" weightage="20" keywordseo="indian-oil">Indian Oil</keyword> Corp, Hindustan Petroleum and Bharat Petroleum Corp. The company’s re-entry comes on the heels of the deregulation of <keyword id="6367091" type="UNKNOWN" weightage="20" keywordseo="petrol">petrol</keyword> prices in 2010. It has since grown its market share of petrol retail from less than 1% to <a href="https://economictimes.indiatimes.com/industry/energy/oil-gas/private-fuel-retailers-nibble-away-at-indias-booming-market/articleshow/63379804.cms">nearly 7%</a>. But to be sure, state-run retailers still hold 90% of the market. BP and Reliance, along with other private retailers, will continue to be wary of government intervention with respect to prices, especially given their significant capital costs. Following weeks of pressure over high prices, for instance, India’s Finance Ministry announced a ₹2.50 per litre reduction in the prices of petrol and diesel on Oct. 4. BP’s chief executive, Robert Dudley, was quick to voice <a href="https://in.reuters.com/article/energy-india-bp/bp-criticises-price-controls-days-after-india-cuts-cost-of-fuel-idINKCN1MP1QR">his disapproval</a> of the move, saying that it did not bode well for the sector. He did, however, maintain that BP’s play in India was one for the long term, adding that BP and Reliance aimed to meet <a href="https://asia.nikkei.com/Business/Companies/BP-and-Reliance-aim-to-meet-10-of-India-s-gas-needs-by-2022">10% of India’s fuel needs</a> by 2022.

India's Reliance is teaming up with BP in a move that could send the country's state-owned fuel giants into a tailspin

New Delhi, Dec 22 () India's biggest company Reliance Industries Ltd and UK's BP plc formalising plans to set up up petrol pumps under Jio-BP brand will impact market share of state-owned fuel retailers, Morgan Stanley said in a research report. 
 Reliance and BP last week announced further details of their retail fuel partnership, in which the British firm has taken 49 per cent stake for USD 1 billion. 
 The tie-up will see RIL's 1,400 existing pump stations being ramped up to 5,500 over five years. It also will increase the lucrative aviation fuel stations from 30 to 45. 
 "Targeted fuel station additions would be nearly equivalent to two-thirds of annual station additions by (state-owned) oil marketing companies (OMCs)," it said. "This should also help RIL sell more refined products domestically as refinery export restrictions ease." 
 Retail network will be under the Jio-BP brand and will cater to mobility solutions that may leverage BP's electric charging technologies and RIL's digital ecosystem. 
 "We have currently seen limited plans by OMCs on this front, however current regulations on the setup of electric charging infrastructure favour OMCs considering their reach." 
 RIL and BP expect to form their partnership by first half of 2020 and it will include convenience stores and Castrol lubricants. 
 Morgan Stanley said the overall increased competition in domestic fuel markets would re-rate multiples as fuel pricing gets delinked from government intervention. 
 "Also, contrary to the market's belief that retail fuel margins will weaken due to competition, we believe they can expand over the medium term towards regional averages, which are 1.5-2x higher than in India," it said. "If the RIL-BP venture hits its target for fuel stations, it would account for nearly 8 per cent of pump stations by 2025. We see an impact on OMCs' market share both in aviation and auto fuels." 
 It believed that market leader Indian Oil Corp (IOC) could be impacted the most, as seen over the past decade when its retail fuel market share declined by 10 percentage points (to below 40 per cent) in favour of private players. 
 "Bharat Petroleum Corp Ltd (BPCL), which has the highest exposure to highways, could see more aggressive pricing as RIL-BP would target these areas where throughput per outlet is higher," it said. "We see limited impact to HPCL considering its higher exposure to cities, which are normally tougher for new players to enter considering long-term leases even for dealer-operated stations." 
 However, both BPCL and HPCL have tried to protect market share in the past and they are seen keeping that stable going ahead. 
 In August, RIL had said BP will pay about Rs 7,000 crore for acquiring 49 per cent stake in its existing petrol pumps and aviation turbine fuel network. RIL will hold the remaining 51 per cent interest. 
 This is the third joint venture between Reliance and BP since 2011. 
 BP had in 2011 bought 30 per cent stake in 21 oil and gas exploration and production blocks of Reliance for USD 7.2 billion. At that time, another 50:50 joint venture, India Gas Solutions, was set up for sourcing and marketing gas in India. 
 The country currently has 66,408 petrol pumps, with public sector retailers owning 59,831. PSU retailers have plans to double this network and have already starting appointing dealers. 
 Russia's Rosneft-backed Nayara Energy, formerly Essar Oil, has 5,453 petrol pumps and has plans to scale them up to more than 7,000 in two-three years. 
 Royal Dutch Shell has 167 outlets and is slated to add 150-200 more petrol pumps. 
 BP had in 2016 received a licence from the government to set up 3,500 petrol pumps in India but it did not move on that authorisation. 
 French energy giant Total SA too is keen on entering the Indian retail market and has tied up with Adani Group for the same. ANZ ABM
ABM

Reliance-BP petrol pumps to dent PSU market share: Morgan Stanley

<keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Ltd (RIL), India's largest company, on Thursday said its board has approved hiving off its USD 75 billion worth oil-to-chemicals business into a separate division to enable the sale of 20 per cent stake in the unit to Saudi national oil company Aramco. The hiving off will be subject to the approval of the National Company Law Tribunal. After the approval, the oil-to-chemical (O2C) business will become a separate vertical with independent balance sheet just like the conglomerate's digital arm, Jio Platforms. RIL had organised all its digital businesses including Reliance Jio that has 388 million telecom subscribers, into Jio Platforms. It last week agreed to sell a 9.99 per cent stake in Jio Platforms to <keyword id="319320" type="COMPANY" weightage="20" keywordseo="Facebook-Inc">Facebook Inc</keyword> for USD 5.7 billion. RIL Board "approved a Scheme of Arrangement for transfer of O2C Undertaking of the company to <keyword id="9147221" type="COMPANY" weightage="20" keywordseo="reliance-o2c-ltd">Reliance O2C Ltd</keyword> as a going concern on slump sale basis for a lump sum consideration equal to the income tax net worth of the O2C Undertaking as on the appointed date of the Scheme," it said in its fourth-quarter earnings statement. O2C undertaking of the company comprises entire oil-to-chemicals business of the company consisting of refining, petrochemicals, fuel retail and aviation fuel (majority interest only) and bulk wholesale marketing businesses together with its assets and liabilities. "The scheme is subject to necessary statutory/regulatory approvals under applicable laws including approval of National Company Law Tribunal," it added. In August last year, RIL head <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> had announced initial agreements to sell a 20 per cent stake in the oil-to-chemical business to <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword> for an asking of USD 15 billion. The deal covers all of Reliance's refining and petrochemicals assets as well as the remainder of stake the firm has in fuel retailing business after selling 49 per cent to BP Plc of UK for Rs 7,000 crore. The deal, which valued the oil-to-chemical business at USD 75 billion, was to close by March 2020 but it is now expected to close within the current calendar year. Reliance has pivoted away from energy to the new economy. But refining and petrochemicals are cash cows for Reliance and still account for the bulk of its EBITDA. As part of the August deal, Saudi Aramco will supply 500,000 barrels per day (25 million tonnes a year) of crude on a long-term basis to RIL's Jamnagar refinery complex (more than a third of the 1.36 million bpd refining capacity). The deals give Aramco and BP access to the fastest-growing refined fuels market in the world. Market analyst firm Bernstein in a recent report had stated that it expects RIL to grow their petrochemical and refining business given the secular growth opportunities. "While bears will argue that Reliance is stepping away from energy to digital, we see this deal as an opportunity to expand the downstream business in India with a solid partnership. For Aramco, the deal provides direct access to what is widely expected to be the fastest-growing refined oil product market over the next 20 years," it said. "For Reliance, it provides cash to fund the expansion of their digital business and further expansion of downstream capacity with an experienced partner." While talks with Aramco continue, the BP deal has been finalised. Reliance's existing 1,400-odd petrol pumps, as well as 31 aviation fuel stations, will be transferred to the new joint venture where BP will hold 49 per cent equity stake. Reliance will hold the balance 51 per cent in the entity, which aims to expand the retail network to 5,500 petrol pumps in the next five years. This is the third joint venture between Reliance and BP since 2011. BP had in 2011 bought 30 per cent stake in 21 oil and gas exploration and production blocks of Reliance for USD 7.2 billion. At that time, another 50:50 joint venture, <keyword id="838593" type="COMPANY" weightage="20" keywordseo="India-Gas-Solutions">India Gas Solutions</keyword>, was set up for sourcing and marketing gas in India. The country currently has 69,109 petrol pumps, with public sector retailers owning 61,811. PSU retailers have plans to double this network and have already started appointing dealers. Russia's Rosneft-backed Nayara Energy, formerly Essar Oil, has 5,702 petrol pumps and has plans to scale them up to more than 7,000 in two-three years. Royal Dutch Shell has 189 outlets and is slated to add 150-200 more petrol pumps. BP had in 2016 received a licence from the government to set up 3,500 petrol pumps in India. French energy giant Total SA too is keen on entering the Indian retail market and has tied up with Adani Group for the same. The Saudi national oil company, along with its partner UAE's Abu Dabhi National Oil Co (ADNOC) has taken a 50 per cent stake in a planned USD 60-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, and has a bullish outlook on India's energy demand and is keen on investing here. Reliance operates two refineries in Jamnagar, Gujarat, with a total capacity of 68.2 million tonnes per annum. It plans to expand its only-for-exports special economic zone (SEZ) refining capacity to just over 41 million tonnes from the current 35.2 million tonnes. Saudi Arabia, on the other hand, is keen to get a foothold in the world's fastest-growing fuel market to get a captive customer for the crude oil it produces. Crude oil is the basic raw material for the manufacturing of petrochemicals. Saudi Aramco is also keen on retailing fuel in India. A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas. India has a refining capacity of 249.9 million tonnes, which exceeded the demand of 213.7 million tonnes. See also: <a href="https://www.businessinsider.in/business/corporates/news/ril-rights-issue-ratio-pricing-and-value/articleshow/75474592.cms">Mukesh Ambani offers Reliance Industries shareholders 1 new share for every 15 held⁠— at a price 14% below market value</a> <a href="https://www.businessinsider.in/business/news/reliance-retails-operating-profit-grows-nearly-20-in-the-latest-fourth-quarter/articleshow/75474722.cms">Reliance Retail’s operating profit grows nearly 20% in the latest fourth quarter⁠⁠</a> <a href="https://www.businessinsider.in/business/news/tech-mahindras-net-profits-see-a-massive-32-drop-even-as-its-digital-business-is-treading-water-amidst-the-covid-19-crisis/articleshow/75472198.cms">Tech Mahindra’s net profits see a massive 32% drop even as its digital business is treading water amidst the COVID-19 crisis</a>

Reliance to hive off $75 billion oil-to-chemicals business into separate unit for sale to Aramco

Jio-bp, the fuel retailing joint venture of Reliance Industries Ltd and UK's bp Plc, on Tuesday launched an additive-laced premium <keyword id="6356109" type="General" weightage="100" keywordseo="diesel" source="Orion">diesel</keyword> that the company said gives improved mileage and gives a saving of up to Rs 1.1 lakh per truck. The premium diesel is priced at rates lower than normal or additive-free diesel sold by public sector (PSU) competition. "Jio-bp today announced the launch of its diesel with ACTIVE technology, set to elevate diesel standards for Indian consumers. "The newly launched additivised diesel, available across the company's network will yield annual savings of up to Rs 1.1 lakh per vehicle to truckers owing to (up to) 4.3 per cent improved fuel economy," it said in a statement. The new diesel is being sold at the Jio-bp outlet in Navi Mumbai for Rs 91.30 per litre, while the normal diesel at PSU petrol pumps in the area cost Rs 92.28 a litre. This new high performance diesel offering will be available at all Jio-bp outlets and "will be offered at regular prices with no additional cost for the first time ever in the Indian market," it said. Diesel with ACTIVE technology helps reduce the risk of unscheduled maintenance caused by dirt build up and removes existing dirt from critical engine parts and protects against its build up with ongoing use. It is designed to work across a range of commercial vehicles, and with ongoing use it offers a variety of benefits to drivers and fleet owners. It helps restore and maintain the power of the engine with ongoing use while also reducing the risk of unscheduled vehicle maintenance, it added. Reliance BP Mobility Ltd (RBML) operates under the name 'Jio-bp'. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/the-changing-contours-of-cinema-goers-underperforming-hindi-movies-weigh-down-pvr-inox/articleshow/100271622.cms">The changing contours of cinema-goers &amp; underperforming Hindi movies weigh down PVR Inox</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-in-top-gear-jlr-to-drive-growth-in-fy24/articleshow/100252339.cms">Tata Motors in top gear, JLR to drive growth in FY24</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

Jio-bp joint venture launches additive-laced premium diesel

British petroleum major <keyword id="111764" type="CITY" weightage="100" keywordseo="BP-Plc">BP Plc</keyword>, which is on the edge of entering the rapidly expanding jet fuel market of India, has crossed a significant regulatory milestone in the process. 
 "BP has been granted 'in-principle' approval to market <keyword id="59621" type="ORGANIZATION" weightage="100" keywordseo="Aviation-Turbine-Fuel">aviation turbine fuel</keyword> (ATF) in India ... Air BP aims to build a strong, sustainable and material business in India, drawing upon our global expertise combined with the skills of a strong local partner," a company spokesperson told ET. 
 
What attracted BP to India was its rapidly growing airline business, which is expected to be the third largest by 2020. BP, which is one of the world's largest aviation fuel marketers, has a presence in 50 countries and boasts of several airlines, airports and military organisations as its clients. 
 
After its debut in the Indian market, its long experience, expertise and brand equity will be in competition with the easy supply, longstanding ties with clients and control over marketing infrastructure of the already existing Indian companies. 
 
Talking of the legal formalities, for a licence to market transport fuel in India, a company must have invested or proposed to invest at least Rs 2,000 crore in exploration and production, refining, pipelines or terminals in the country. Last year, the Indian government had rejected BP's application for licence on this very ground. 
 These competitors include private players like Reliance Industries, Essar and a joint venture of Shell and state-run MRPL. However, even these players have failed to challenge the dominance of state firms, and especially <keyword id="6354412" type="COMPANY" weightage="100" keywordseo="indian-oil">Indian Oil</keyword>, which happens to be the market leader with a 64% share. The reasons for its dominance include traditional ties with clients, including the government, and superior infrastructure across the country. 
 
<a href="http://img12.olx.bg/images_prodavalnikcom/86493950_1_800x600_chisto-nova-tsisterna-piko-piko-british-petroleum-ho-187-gr-plovdiv_rev003.jpg">Image source</a>

This global petroleum giant is making its debut in the high-stakes Indian ‘Jet-Fuel’ market

New Delhi, Jan 19 () Reliance Industries Ltd (RIL) has outpaced industry in clocking double digit sales growth in petrol and diesel from its nearly 1,400-odd petrol pumps in the third quarter ended December 31, 2019.
In an investor presentation post announcing earnings for October-December 2019, Reliance, operator of the world's largest oil refining complex, said it registered an 11 per cent growth in diesel sales and 15 per cent growth rate in petrol sales from its 1,394 fuel retail outlets.
This is compared to industry growth rate of 0.2 per cent for diesel and 7.1 per cent for petrol.
Its per outlet throughput at 342 kilolitres per month was also nearly double that of petrol pumps operated by public sector firms such as Indian Oil Corp (IOC) and Bharat Petroleum Corp Ltd (BPCL).
"Superior product mix and high asset utilisation underpinned strong earnings," it said in the presentation adding India's oil demand grew 3.2 per cent in October-December with petrol demand rising 7.1 per cent and LPG surging by 15 per cent.
"Preference for petrol cars, improving road infrastructure and rural connectivity is driving petrol demand," it said. A pick up in tourist movement post festive season provided support to ATF demand.
Reliance said there was a strong traction in retail and bulk fuel sales through its network.
"Growth driven by focus on large fleet customers (25 per cent year-on-year growth), fleet aggregators (114 per cent)," it said.
Its ATF sales were driving up via new customer acquisition and higher share from existing customers. "Improved ATF network competitiveness through logistical and supply source optimization," the presentation said.
LPG sales was up 37 per cent with new customers and increasing penetration in new markets.
Reliance said its petro retail sales revenues were up 5 per cent at Rs 3,725 crore in the third quarter. As much as 538 million litres of fuel was sold in the three month period.
Of the 1,394 petrol pumps that Reliance operates, 518 are company owned and the remaining dealer operated.
In April last year, Reliance agreed to sell 49 per cent in its petro retail business to UK's BP plc for Rs 7,000 crore. Reliance-BP joint venture agreed to expand the network to 5,500 in the next five years.
The country currently has 66,817 petrol pumps, with public sector retailers owning 59,716. PSU retailers have plans to double this network and have already starting appointing dealers. 
Russia's Rosneft-backed Nayara Energy, formerly Essar Oil, has 5,525 petrol pumps and has plans to scale them up to more than 7,000 in two-three years. 
Royal Dutch Shell has 169 outlets and is slated to add 150-200 more petrol pumps. ANZ MKJ

Reliance outpaces industry in petrol, diesel sales from its outlets

(Eds: Adding details) Mumbai, Jul 15 () Google has agreed to invest Rs 33,737 crore to buy a 7.7 per cent stake in Reliance Industries' technology venture, adding to a slew of investments since April that has crossed Rs 1.52 lakh crore. California-based Alphabet Inc joins Facebook Inc, which opened the investment cycle in Jio Platforms by picking 9.99 per cent stake for Rs 43,573.62 crore, as well as chipmaker Intel Corp and Qualcomm Inc. "We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms," RIL Chairman Mukesh Ambani said at the company's annual general meeting. With Google coming on board, Reliance has completed its target of capital raising for Jio Platforms, he said. With this deal, Reliance has sold 32.84 per cent stake in Jio Platforms Ltd - the unit that houses India's youngest but largest telecom firm Jio Infocomm and apps. In total, Jio has raised Rs 1,52,055.45 crore. Google, which is the 13th marquee firm to have set a sight on India's hottest digital play in 12 weeks, values Jio Platforms at Rs 4.36 lakh crore. This is less than Rs 4.91 lakh crore value at which last investor, Qualcomm had invested just last week. Proceeds from the stake sales in Jio Platforms, along with the Rs 53,124 crore raised in a rights issue in June and sale of a 49 per cent stake in its fuel retail network to BP last summer for Rs 7,629 crore will help the company become net debt-free, Ambani said. This debt-free status will be in place after the promised funds come in (75 per cent of the funds from the rights issue will come in next year). Reliance had a net debt of Rs 1,61,035 crore as on March 31, 2020. It has already received subscription amounts Rs 73,636.43 crore from Facebook, L Catterton, Public Investment Fund, Silver Lake and General Atlantic. Ambani said the the cumulative fund raising by Reliance in less than three months is now Rs 2,12,809 crore. This includes investments by Facebook and other investors in Jio Platforms and Rs 53,124 crore rights issue, and investment by BP in fuel retailing venture. "It is in excess of our net debt of Rs 1,61,035 crore at the end of FY19-20," he said. "Reliance is now truly a zero net debt company, well ahead of my goal of March 2021. It has an extremely strong Balance Sheet that will support growth plans for its three hyper-growth engines - Jio, retail and oil-to-chemical (O2C)". Reliance has concluded its joint venture with BP in the existing fuel retailing business. "BP has invested Rs 7,629 crore for their 49 per cent stake in the JV," he said. Ambani, Chairman and Managing Director of Reliance Industries Ltd (RIL), said, "Google has empowered millions of Indians to access helpful information and, like Jio, is a force for change and innovation". Sundar Pichai, CEO of Google and Alphabet, said, "Reliance Industries, and Jio Platforms in particular, deserve a good deal of credit for India's digital transformation. "The pace and scale of digital transformation in India is hugely inspiring for us and reinforces our view that building products for India first helps us build better products for users everywhere. Google is proud to invest Rs 33,737 crore into Jio. I am excited that our joint collaboration will focus on increasing access for hundreds of millions of Indians who don't currently own a smartphone while improving the mobile experience for all." The Jio Platforms deal spree began on April 22 when social networking giant Facebook agreed to acquire 9.99 per cent for Rs 43,573.62 crore. Since then, six US private equity firms invested in Jio: Silver Lake Partners bought 2.08 per cent for Rs 10,202.55 crore, Vista Equity Partners paid Rs 11,367 crore for a 2.32 per cent stake, General Atlantic acquired a 1.34 per cent stake for Rs 6,598.38 crore, KKR paid Rs 11,367 crore for a 2.32 per cent stake, TPG bought a 0.93 per cent stake for Rs 4,546.80 crore and L Catterton picked up 0.39 per cent for Rs 1,894.50 crore. Earlier this month, the investment arm of computer chip giant Intel Corp picked up 0.39 per cent stake for Rs 1,894.50 crore. Jio Platforms has also received a funds from the Middle East which started with Mubadala Investment Co which picked up a 1.85 per cent stake for Rs 9,093.60 crore and was followed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund, as well as the Abu Dhabi Investment Authority buying 2.32 per cent and 1.16 per cent stake for Rs 11,367 crore and Rs 5,683.50 crore, respectively. Qualcomm invested Rs 730 crore for a 0.15 per cent stake. Jio Platforms - which is also amassing a wide range of services from music streaming to online retail and payments - is expected to use its 388 million mobile phone subscribers as the cornerstone of an e-commerce and digital services business to rival Amazon and Walmart's Flipkart. Jio has become Reliance's growth engine, combining with the company's fast-growing retail arm to help in offsetting the decline in oil and petrochemicals. Ambani had in August last year announced talks for sale of a 20 per cent in the oil-to-chemical (O2C) business to Saudi Aramco for USD 15 billion. However, the recent plunge in oil prices has left that deal under a cloud of uncertainty, although Reliance has said it is on track. ANZ BAL

Google picks 7.7 pc stake in Jio for Rs 33,373 cr

Mumbai, Jul 15 () Google will pick up 7.7 per cent stake in Reliance Industries' technology venture for Rs 33,737 crore, richest Indian Mukesh Ambani said on Wednesday. "We are delighted to welcome Google as a strategic investor in Jio Platforms. We have signed a binding partnership and an investment agreement under which Google will invest Rs 33,737 crores for a 7.7 per cent stake in Jio Platforms," Ambani said at the company's annual general meeting. This takes the cumulative fund raising by Reliance in less than three months to Rs 2,12,809 crore, he said. This includes investments by Facebook and other investors in Jio Platforms and Rs 53,124 crore Rights Issue, and investment by BP in fuel retailing venture. "It is in excess of our net debt of Rs 1,61,035 crore at the end of FY19-20," he said. "Reliance is now truly a zero net debt company, well ahead of my goal of March 2021. It has an extremely strong Balance Sheet that will support growth plans for its three Hyper-Growth Engines - Jio, Retail and O2C." Reliance has concluded its JV with BP in the existing fuel retailing business. "BP has invested Rs 7,629 crore for their 49 per cent stake in the JV," he said. ANZ BAL BAL

Google to pick 7.7 pc stake in Jio for Rs 33,737 crore

<ul><li>The partners will invest as much as Rs 350 billion in three new projects on their gas block </li><li>The projects are expected to develop a total of about 3 trillion cubic feet (tcf) of gas resources </li><li>The latest project is expected to begin production in mid-2022 </li></ul>Billionaire Mukesh Ambani’s <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> and its partner British Petroleum (BP) are developing yet project to drill more gas at its KGD6 block in the east coast of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>. In total, the partners will invest as much as ₹35,000 crore or ₹350 billion in three new projects on the gas field whose production has drastically dropped in the last nine years. “Together the three projects are expected to develop a total of about 3 trillion cubic feet (tcf) of discovered gas resources. These projects together, when fully developed, will bring about 1 billion cubic feet a day of new domestic gas onstream, phased over 2020-2022,” <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Industries claimed in a statement. A tough new challenge The new project named D55, the company statement says, is a gas condensate field and is the third field under development at the block. It is also one of the deepest blocks which means a deep-water pipeline had to be installed to bring out the gas trapped under water. “We are excited about bringing this gas onshore from our third project on the East Coast of India. Bringing these three discoveries to production, as promised in 2017, by leveraging the existing infrastructure has been the primary objective of the Reliance - BP joint venture,” said Mukesh Ambani, chairman and managing director of RIL. RIL and BP who joined hands in 2011 decided to take up the challenge of extracting trapped gas which is expected to be around 700-1100 meters deep under water. The depth of the well itself is 4,200 meters and building infrastructure in a high temperature and high pressure environment is bereft with unforeseen events. Reviving KGD6 Yet, the partners are taking up the challenge as its last hope to change the fortunes of the one-treasured gas block, which has failed to meet the expectations. At its peak, the block produced over 54 mmscmd of gas which dropped to a menial 1.3 mmscmd in the third quarter of 2018-19. A large section of power producers and fertilizer plants who pinned their hopes of this gas block, had to turn to expensive options turning them insolvent. The project is expected to begin production in mid-2022 claims and is the latest of the three projects under development as a part of their overall plan to revive KGD6. “The first of the three KG D6 projects under development, the R-Series project, is in execution phase. All six wells have been drilled. First gas from this project is on-schedule and expected by mid-2020,” the company said in a statement.

You Searched For "reliance industries BP joint venture" and got 13 results

Reliance Industries makes a new pact with BP to sell jet fuel in India

Sriram Iyer

Not just mobile services, even Reliance petrol pumps will have 'Jio' brand on them

Sriram Iyer

BP, Reliance to retail fuel under 'Jio-bp' brand

PTI

Sarthak Behuria joins Reliance to steer fuel retail venture

PTI

India's Reliance is teaming up with BP in a move that could send the country's state-owned fuel giants into a tailspin

Dilsher Dhillon

Reliance-BP petrol pumps to dent PSU market share: Morgan Stanley

PTI

Reliance to hive off $75 billion oil-to-chemicals business into separate unit for sale to Aramco

PTI

Jio-bp joint venture launches additive-laced premium diesel

PTI

This global petroleum giant is making its debut in the high-stakes Indian ‘Jet-Fuel’ market

BI India Bureau

Reliance outpaces industry in petrol, diesel sales from its outlets

PTI

Google picks 7.7 pc stake in Jio for Rs 33,373 cr

PTI

Google to pick 7.7 pc stake in Jio for Rs 33,737 crore

PTI

Reliance Industries & BP dig for new hope in another project at its flailing gas basin

Katya Naidu

Popular Keywords

Buying Guides