BP, Reliance form fuel retail JV

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BP and Reliance Industries Limited (RIL) signed a definitive agreement for the formation of their new fuels and mobility joint venture (JV), held 51% by RIL and 49% by BP.

The company will operate under the Jio-BP brand and will assume ownership of RIL’s existing Indian fuel retail network. The venture expects to expand from RIL’s current fuel retailing network of more than 1,400 retail sites and 30 aviation fuel stations across India to up to 5,500 retail sites and 45 aviation fuel stations in the next five years.

Khaitan & Co advised RIL on the transaction structure and the negotiation, documentation and execution of the definitive documents for the JV with BP.

The core transaction team comprised corporate partners Rahul Dutt, Aakash Choubey and Akshay Bhargav, principal associates Shantanu Gupta and Aishwarya Nagpal, associates Gokul Thampi, Minal Sangatwani and Pallavi Panigrahi.

Davis Polk & Wardwell acted as international legal counsel to RIL. Platinum Partners and Freshfields Bruckhaus Deringer advised BP on the JV. The venture is expected to be formed during the first half of this year, subject to regulatory and other customary approvals.