New Delhi, April 30 (IANS) The Competition Commission of India has approved the joint venture between Reliance Industries (RIL) and British energy major BP in the retail fuel segment.
The transaction primarily concerns the business of petroleum retail marketing in India.
In a tweet, the anti-trust body on Thursday said: “@CCI_India approves proposed combination between BP Global Investments Limited (BP Global) and Reliance BP Mobility Limited (RBPML).”
A note on the CCI's website, with the details of the proposed transaction, said that given the absence of any vertical relationships with significant impact on competition between the business activities of the BP group or the RIL group with the target business RBPML, the proposed transaction will not give rise to any competition concerns.
RIL and BP signed a definitive agreement in December to form the new Indian fuels and mobility joint venture after an initial agreement in August. RIL will hold 51 per cent in the joint venture and BP, the balance 49 per cent stake. The JV will take ownership of RIL's existing Indian fuel retail network and access its aviation fuel business.
The partnership will operate under the brand ‘Jio-BP'.