Reliance, BP form joint venture for fuel retail under Jio-BP brand. Tata Motors reportedly in alliance talks with Chinese firms.
A Suitable Match: Indian car-maker Tata Motors is reportedly in initial talks with a couple of Chinese automobile companies for a tie-up for its passenger vehicles business. As per sources, these companies may either invest directly in Tata Motors or form a joint venture.
The collaboration could include joint development of technologies related to electric mobility, sharing of manufacturing capacities, development of engines and platforms and other aspects of the business.
Zooming Out: Vehicle makers are increasingly seeking partnerships to invest in futuristic technologies to cope with stringent emission, fuel efficiency and safety standards. Livemint
Going Places: British energy major BP and Reliance Industries Ltd (RIL) have signed a definitive agreement to form their new Indian fuels and mobility joint venture branded as Jio-BP.
RIL will hold 51%, while BP will hold the remaining 49% in the JV that will assume ownership of RIL’s existing Indian fuel retail network and access its aviation fuel business. Reliance will receive INR7,000cr from BP for acquiring a 49% stake in the petro-retail JV.
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 to become the most preferred provider of automotive and aviation fuels. Hindu BusinessLine
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