Britain's leading oil and gas company BP will pay Rs 7,000 crore to buy a 49 per cent stake in Reliance Industries' fuel retail network business. Mukesh Ambani, head of Reliance Group, announced this on Monday on the occasion of the company's 42nd annual general meeting. Last week, the two companies announced a new joint venture aimed at opening new petrol pumps across the country and retailing aircraft fuel for the airlines.
Currently, Reliance has 1,400 common petrol pumps and 31 aircraft fuel pumps across the country. All these will be transferred to the new joint venture to be formed with BP. BP will hold 49 percent stake in this joint venture and Reliance will hold the remaining 51 percent. The company aims to open 5,500 petrol pumps in the next five years.
Ambani said in the general meeting, "As a new important initiative, BP has bought a 49 percent stake in the company's petrol retail business." By selling this stake to BP, Reliance will get Rs 7,000 crore. ''