BP pays Reliance $1bn for 49% stake in 'Jio-BP' petrol station venture

British oil group BP has paid $1 billion to Reliance Industries for a 49% stake in its fuel retail business, which currently operates 1,400 petrol pumps and 30 aviation fuel stations. The joint venture, called Reliance BP Mobility, will operate under 'Jio-BP' brand. It aims to expand its fuel station network to as many as 5,500 stations over five years.