Jio-BP gas station in Mumbai, India, on Tuesday, Oct. 26, 2021. Photographer: Dhiraj Singh/Bloomberg
India’s richest persons Mukesh Ambani and Gautam Adani are partnering to sell fuels through their groups’ retail stations across India, deepening their collaborations in the energy sector.
Under the partnership, Reliance Industries’ Jio-BP will add petrol and diesel pumps at compressed natural gas (CNG) stations operated by Adani Total Gas, which will then install CNG pumps at Jio-bp’s fuel stations, the companies said in a joint statement on Wednesday.
“This partnership allows us to leverage each other’s strengths to further enhance the value we provide to India,” Sarthak Behuria, chairman of Jio-BP said in the statement.
Adani Total Gas, a joint venture between Adani and TotalEnergies, operates over 650 CNG stations and also supplies natural gas to homes, businesses, and factories. Jio-BP, a partnership between Reliance Industries and British energy giant BP, runs more than 2,000 fuel stations across India. The two companies said their partnership will cover both existing and future fuel outlets from both groups.
“This partnership will enable us to leverage each other’s infrastructure, thus enhancing customer experience and offerings,” Suresh P Manglani, CEO of Adani Total Gas said.
This is the second partnership between the two conglomerates. In July 2024, Ambani’s Reliance acquired a 26% stake in Mahan Energen, a unit of Adani Power for 500 million rupees ($5.8 million). The deal includes a long-term power purchase contract for 500 megawatts of electricity between the two companies.
Ambani, chairman of Reliance Industries, has an estimated net worth of $119.5 billion and was ranked India’s wealthiest person in Forbes Asia’s list of India’s 100 Richest that was published last October. Adani, chairman of the Adani Group, ranked second with a net worth of $116 billion.