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<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. <br /><br />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. <br /><br />The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals. <br /><br />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. <br />

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

<ul><li><span class="c-message__body"><strong>Mukesh Ambani-owned Reliance Industries announced a new pact with BP to sell fuel for airlines in India.</strong></span></li><li><span class="c-message__body"><strong>The company said that it will make about ₹7000 crore from the joint venture.</strong></span></li><li><span class="c-message__body"><strong>The announcement came with the company's quarterly earnings report.</strong></span></li></ul><span class="c-message__body">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.<br /><br />"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.<br /><br />
  
  
  
  
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<br /></span>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.<br /><br />SEE ALSO:<br /><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><br /><br /><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><br /><br /><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><br /><br /><br /><br /><br /><br /><i class="c-icon c-icon--small-reaction"></i><br />

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

<ul><li>The retail unit of <keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> posted a strong show in second quarter earnings.</li><li><keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> saw its pre-tax profits grow by 66.8% to ₹2,322 crores. </li><li>The share price of Reliance Industries has jumped over 12% in the last one month compared to the 4% rally in Sensex.</li></ul>Reliance Retail announced its Q2 earnings for the current financial year. Despite a larger slowdown in the economy as well as in people’s consumption, Reliance Retail saw its pre-tax profits grow by 66.8% to ₹2,322 crores as opposed to  ₹1,392 crores in the same quarter last year.<br /><br />The revenue from Reliance Retail grew to ₹41,202 crores as opposed to ₹32,436 crores in the same quarter last year.<br /><br /> During the quarter, Reliance Retail added 337 stores taking the total store count to 10,901 stores.<br /><br />
  
  
  
  
  
  
  
  
  
  
  
  
  
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<br />It is present across areas like food and grocery, consumer electronics, fashion and lifestyle.<br /><br /><strong>Poised for growth<br /></strong><br />Research firm Bank of America-Merrill Lynch (BofA-ML), in its latest report, predicts that Reliance Retail will be a big driver in taking RIL’s market value to a massive $200 billion in two years. A big chunk of the value created will come from serving the<a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-retail-revenue-estimate-from-kirana-stores/articleshow/71643159.cms"> kirana stores. </a><br /><br />Reliance Retail, which was launched in 2006, has been growing rapidly over the years and has been aggressively acquiring companies as well. Earlier this year, Reliance Retail had acquired the iconic British toy making company Hamley’s and in July completed the 100% acquisition of the company for a <a href="https://www.businesstoday.in/current/corporate/mukesh-ambani-reliance-brands-completes-100-acquisition-of-hamleys/story/365664.html">reported</a> amount of ₹620 crore.<br /><br />The share price of Reliance Industries had already run up over 12% in the last one month and investors have priced a strong show from the company that was once an energy giant, and is now fast changing into a consumer business with its thrust on Reliance Retail and on telecom via Reliance Jio.<br /><br />
  
  
  
  
  
  
  
  
  
  
  
  
  
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<br /><br /><strong>SEE ALSO:</strong><br /><a href="https://www.businessinsider.in/business/corporates/news/top-highlights-from-mukesh-ambani-owned-reliance-industries-rils-quarterly-earnings/articleshow/71651084.cms">Reliance Industries posts a record profit even as refining and telecom verticals soften</a><br /><a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-owned-reliance-industries-forms-pact-with-bp-to-sell-aviation-fuel-in-india/articleshow/71651988.cms">Reliance Industries makes a new pact with BP to sell jet fuel in India</a><br /><a href="https://www.businessinsider.in/business/news/mukesh-ambani-owned-reliance-retail-revenue-estimate-from-kirana-stores/articleshow/71643159.cms">Mukesh Ambani is set to make big money out of India’s millions of small kirana shops</a><br />

Reliance Retail surprises with a sharp growth of 27% despite slowdown

<br /><ul><li><keyword id="6354504" type="DEFINITION" weightage="20" keywordseo="reliance-jio">Reliance Jio</keyword>’s growth in subscribers has slowed down this quarter.</li><li>It only added 29 million users in Q2 FY20 in comparison to adding 37 million during the same quarter last year.</li><li>Jio’s ARPU also hit ₹120, dropping for the seventh consecutive quarter. </li></ul>Reliance Industries released its earnings for the current quarter and its digital business, Reliance Jio, seems to be slowing down.<br /><br />Jio’s subscriber base only added 29 million in Q2 FY20. In comparison, Jio added 37 subscribers in the same quarter last year.<br /><br />However, the company is making more money out of its subscribers — the margin for Jio improved by as much as 170 basis points to over 11%. This would be heartening for the investors in RIL.<br /><br />And, even though growth is slowing down, the number subscribers has still grown 7.2% over the last quarter.<br /><br />A report published earlier today by the Telecom Regulatory Authority of India (TRAI) found that Jio was the only telecom operator to add subscribers during the month of August. <br /><br />"It's also a matter of great pride for us to share the fact that Jio is now the second largest single county operator in the world with a subscriber base of 355 billion," said Reliance Industries CFO, Alok Agarwal, during the earnings call.<br /><br />So even though subscriber growth is slowing down for the company, it’s still faring better than Bharti Airtel and Vodafone Idea.<br /><br />
  
  
  
  
  
  
  
  
  
  
  
  
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<br />And, Jio’s average revenue per user continues to decline for the seventh consecutive quarter hitting ₹120.  Usage continues to growth with the company recording 12 billion GB in data traffic and 813 billion minutes of voice traffic.<br /><br />"Both continue to grow quarter after quarter showing stronger levels of customer engagement on our network," stated Agarwal.<br /><br />
  
  
  
  
  
  
  
  
  
  
  
  
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<br />The company reported a net profit grew at a yearly rate of 45.4% hitting  ₹990 crore during the quarter. It's operating revenue also grew by 33.7% year-on-year to reach ₹12,354 crore. <br /><br />
  
  
  
  
  
  
  
  
  
  
  
  
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<br /><strong>See also:</strong><br /><a href="https://www.businessinsider.in/business/corporates/news/top-highlights-from-mukesh-ambani-owned-reliance-industries-rils-quarterly-earnings/articleshow/71651084.cms">Reliance Industries posts a record profit even as refining and telecom verticals soften</a><br /><br /><a href="https://www.businessinsider.in/business/corporates/news/mukesh-ambani-owned-reliance-industries-forms-pact-with-bp-to-sell-aviation-fuel-in-india/articleshow/71651988.cms">Reliance Industries makes a new pact with BP to sell jet fuel in India</a><br /><br /><a href="https://www.businessinsider.in/business/news/reliance-industries-retail-q2-earnings-report/articleshow/71651677.cms">Reliance Retail surprises with a sharp growth of 27% despite slowdown</a><br />

You Searched For "ril bp pact" and got 4 results

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

Sriram Iyer

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

Sriram Iyer

Reliance Retail surprises with a sharp growth of 27% despite slowdown

Sanchita Dash

Reliance Jio added fewer subscribers in Q2 but made more money out of them

Prabhjote Gill

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