BP, the company formerly known as British Petroleum, has paid $1 billion to Indian petrochemical giant Reliance to set up a joint venture branded as Jio-bp.
The pair said the venture would target the fuel and mobility markets, and "leverage Reliance's presence across 21 states and its millions of consumers through the Jio digital platform". It will sell retail and aviation fuel, and eventually move into electric car charging, the companies said.
"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," BP CEO Bernard Looney said.
"Reliance's digital capabilities, technical expertise, and reach complement our international fuels and service offers."
On Sunday, Jio announced it had sold 0.15% of its equity to Qualcomm Ventures. Qualcomm has committed to investing up to ₹730 crore, around $97 million. Jio said the sale gave it an enterprise value of ₹5.16 lakh crore, just shy of $69 billion.