Shares of Reliance Industries Limited (RIL) rose as much as 0.8 percent to an intraday high of Rs 1,579 on Tuesday morning. The surge comes after the conglomerate, late on Monday, informed its expansion plans of its fuel retail business in a joint venture with British energy major BP under the brand 'Jio BP' from a network of 1,400 fuel stations at present to 5,500.
On Monday, Mukesh Ambani-led RIL said that it has signed a definitive agreement with BP Plc to form the new Indian fuels and mobility joint venture after an initial agreement in August.
RIL will hold 51 percent of the joint venture and BP the rest of the 49 percent stake, which will take ownership of RIL's existing Indian fuel retail network and access its aviation fuel business.
"The retail network will operate under the Jio-BP brand, signaling a new paradigm shift in fuels marketing and mobility solutions. It brings together Reliance's extensive access and connection to consumers through its Jio digital platform and BP's deep experience in fuel retailing around the world. The joint venture will seek to offer Indian consumers high-quality differentiated fuels, convenience and services," RIL said.
Further, on Monday, RIL overtook IOC (Indian Oil Corporation Limited) to become the country's largest company on the Fortune India 500 list. Fortune India said that the conglomerate is the first privately-held and the only other company to become India's largest corporation apart from IOC for the first time in 10 years.