Davis Polk is advising Reliance Industries Limited in connection with its agreement to establish a joint venture to be held 51% by RIL and 49% by an affiliate of BP plc. The joint 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 in India. It is anticipated that, subject to regulatory and other customary approvals, the joint venture will be formed in the first half of 2020.
RIL, headquartered in Mumbai, India, is India’s largest private-sector company and its activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and digital services.
BP, headquartered in London, the United Kingdom, is one of the world’s oil and gas “supermajors,” operating in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.
The Davis Polk corporate team included partners Jeffrey R. O’Brien, Leo Borchardt and Dan Hirschovits, counsel Simon J. Little, associates Aya Aboulatta, Saratu M. Kitchener, Alexander W. Simmonds and Ben Stewart. All members of the Davis Polk team are based in the London office.
Khaitan & Co acted as Indian legal advisers to Reliance Industries Limited.