Reliance Industries and BP have agreed to set up a 51:49 joint venture to operate their fuel retailing business, targeting setting up 5,500 filling stations in five years and offer home delivery of fuel. Reliance Industries chairman Mukesh Ambani and BP group chief executive Bob Dudley signed heads of agreement for the venture in Mumbai on Tuesday. BP obtained a licence to market transportation fuel in India three years ago but didn’t begin. BP already has stake in RIL’s upstream business.
Within three years of starting its commercial operations, Reliance Jio has become the country's largest telecom operator with a subscriber base of 331.3 million, surpassing Vodafone Idea which on Friday reported a decline in its user base to 320 million by June 2019. In May this year, Mukesh Ambani-led firm Reliance Jio had pipped Bharti Airtel to become the second largest mobile operator with 322.9 million users and 27.80% market. Airtel had 320.38 users or 27.6% market share.
Tata Consultancy Services on Thursday went past Reliance Industries Limited to become the country's most valued firm by market valuation yet again. At close of trade on Thursday, the market capitalisation (m-cap) of TCS stood at Rs 7,98,620.04 crore, which is Rs 17,455.58 crore more than that of RIL at Rs 7,81,164.46 crore on the BSE. Apart from TCS and RIL, others in the top five list are HDFC Bank with a m-cap of Rs 6,24,666.23 crore, followed by HDFC (Rs 3,78,824.35 crore) and HUL (Rs 3,75,809.46 crore).