Latest news with #Jio-bp
India.com
an hour ago
- Automotive
- India.com
Mukesh Ambani, Gautam Adani's biggest partnership, join hands for…, how will the deal help Indians?
(File) Mukesh Ambani and Gautam Adani have joined forces to sell automotive fuels by integrating their respective fuel retail networks, marking the second business collaboration between the two billionaire industrialists. Ambani's fuel venture with UK's BP, Jio-bp, will set up petrol and diesel dispensers at CNG retail outlets of Adani Total Gas Ltd (ATGL). Alongside, ATGL is the equal city gas joint venture of Adani Group and TotalEnergies of France will put up CNG dispensing units at Jio-bp's fuel pumps, according to a joint statement on Wednesday. The partnership will cover both group's existing as well as future outlets. Jio-bp owns 1,972 petrol pumps across the country while ATGL operates a network of 650 CNG stations in 34 geographical areas. 'Adani Total Gas Ltd (ATGL) and Jio-bp (operating brand of Reliance BP Mobility Ltd) today (Wednesday) announced signing of an agreement to redefine the auto fuel retail experience for Indian consumers. 'Under this partnership, select ATGL fuel outlets will offer Jio-bp's high-performance liquid fuels (petrol and diesel), while select Jio-bp fuel outlets will integrate ATGL's CNG dispensing units, within ATGL's authorised geographical areas (GA), thus enhancing the supply of high-quality fuels to transport consumers,' the statement said. This is the second time in recent months that the rival billionaires have come together. In March last year, the two had signed the pact for their first-ever collaboration for a power project in Madhya Pradesh. Ambani's firm Reliance had picked up a 26 per cent stake in Adani Power's project in MP and signed to use the plants' 500 MW of electricity for captive use. How ATGL And Jio-bp Help Customer? ATGL also offers compressed biogas (CBG), EV charging, and LNG for the transportation segment. Jio-bp, on the other hand, is a leading mobility solutions provider in India, with a strong presence in fuel retailing, low-carbon alternatives, and modern convenience stores. 'We are united by a shared vision to offer our customers a superior selection of high-quality fuels. Jio-bp has always been committed to delivering an exceptional customer experience, and this partnership allows us to leverage each other's strengths to further enhance the value we provide to India,' Jio-bp Chairman Sarthak Behuria said. 'It is our shared vision to provide a complete range of high-quality fuels at our outlets. This partnership will enable us to leverage each other's infrastructure, thus enhancing customer experience and offerings,' ATGL Executive Director and Chief Executive Officer Suresh P Manglani said. The agreement covers both existing and future outlets of both partners, the statement said. 'This strategic alliance marks a significant milestone in the journey of both companies toward sustainable growth and innovation.' Ambani and Adani are coming together to challenge the dominance of state-owned retailers in the fuel retailing space. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) control over 90 per cent of 97,366 petrol pumps in the country. PSUs are also a dominant player in city gas. Ambani VS Adani In Different Business With Ambani's interests spanning oil and gas to retail and telecom and Adani's focus on infrastructure spanning sea ports to airports, coal and mining, they rarely crossed each other's path except in the clean energy business where the two have announced multi-billion investments. Adani is building mega renewable energy parks and has also ventured into solar modules and wind turbine manufacturing. Ambani's Reliance, too, is building four gigafactories at Jamnagar in Gujarat — one each for solar panels, batteries, green hydrogen, and fuel cells. Reliance is also eyeing setting up renewable electricity capacity at Gujarat's Kavada, the arid land bordering Pakistan where Adani is also building the world's largest solar park with 30 gigawatts capacity. The two had come face-to-face during an auction of the 5G spectrum airwaves. While Ambani bid for airwaves to sustain his telecom business, Adani's entry had surprised many. Adani, however, ended up buying a small quantum of spectrum which he later traded with Bharti Airtel. While Ambani has been in the media space since 2014 with news channels such as CNBC-TV18, CNN-News18, and entertainment channels like Colors, Adani only recently followed in his footsteps. Adani's entry was facilitated when a close associate of Ambani sold out a firm to give him controlling stake in NDTV. (With Inputs From PTI)
Time of India
an hour ago
- Business
- Time of India
Adani Group, Reliance in pact for fuel distribution
The Adani Group and Reliance Industries on Wednesday announced a partnership for distribution of fuel. While select outlets of the Adani Group's Adani Total Gas will offer Jio-bp's petrol and diesel, certain Jio-bp stations will install Adani Total's CNG dispensing units, as per the agreement. This is the second major collaboration between the two industrial giants. In March last year, Mukesh Ambani's Reliance Industries had acquired a 26% stake in Adani Power's Mahan Energen Ltd. for ₹50 crore, securing 500 MW of captive power from a 600 MW Madhya Pradesh plant under a 20-year agreement. While Adani Total manages about 650 CNG stations, Jio-bp operates around 2,000 retail outlets. The partnership is expected to provide consumers access to high-quality fuels . The arrangement will be applicable to both existing and future retail outlets operated by the two companies. Live Events "It is our shared vision to provide a complete range of high-quality fuels at our outlets," Suresh P Manglani, the chief executive officer at Adani Total Gas, was quoted in a release as saying. "This partnership will enable us to leverage each other's infrastructure, thus enhancing customer experience and offerings," he said. Adani Total, a natural gas distribution joint venture by Adani and TotalEnergies, is a leading gas distribution company in the country with a strong presence in Ahmedabad, Vadodara, Faridabad, Khurja and several districts in Assam, Chhattisgarh, and Madhya Pradesh. This allows Adani Total to reach 34 geographical areas, with another 19 areas covered through Indian Oil Adani Gas Pvt Ltd (IOAGPL), a 50:50 CGD joint venture between Indian Oil and the company.
The Print
3 hours ago
- Business
- The Print
Markets log gains for 2nd day; Sensex, Nifty surge nearly 1 pc on global rally
Extending its previous day's rally, the 30-share Sensex jumped 700.40 points or 0.85 per cent to settle at 82,755.51. During the day, it surged 760.8 points or 0.92 per cent to 82,815.91. Besides, intense buying market heavyweights HDFC Bank, Infosys and Reliance Industries supported domestic equities, traders said. Mumbai, Jun 25 (PTI) Benchmark indices Sensex and Nifty surged nearly 1 per cent on Wednesday, powered by widespread buying and a positive trend in global equities amid easing tensions in the Middle East following a ceasefire between Iran and Israel. As many as 2,821 stocks advanced while 1,207 declined and 134 remained unchanged on the BSE. Similarly, the wider gauge NSE Nifty climbed 200.40 points or 0.80 per cent to 25,244.75. 'Benchmark indices extended their winning streak for a second consecutive session on Wednesday, closing decisively in the green as investor sentiment got a boost from the Israel-Iran ceasefire, which alleviated geopolitical overhang. The Nifty kicked off trade on a buoyant note, subsequently oscillated in a narrow band with a positive undertone…,' according to Bajaj Broking market commentary. From the Sensex pack, Titan, Mahindra & Mahindra, Infosys, Power Grid, Tata Consultancy Services and Bharti Airtel were among the major gainers. On the other hand, Bharat Electronics, Kotak Mahindra Bank and Axis Bank were the laggards. 'Markets maintained their positive tone and gained nearly a per cent, supported by favourable global cues. A strong handover from the US markets triggered a gap-up start, which was further fuelled by buying interest in select heavyweight stocks,' Ajit Mishra – SVP, Research, Religare Broking Ltd, said. Meanwhile, Mukesh Ambani and Gautam Adani have partnered to sell automotive fuels by leveraging each other's fuel retail networks — marking the second business collaboration between the two billionaire industrialists. Ambani's fuel venture with UK's BP, Jio-bp, will set up petrol and diesel dispensers at CNG retail outlets of Adani Total Gas Ltd (ATGL). Alongside, ATGL — the equal city gas joint venture of Adani Group and TotalEnergies of France — will put up CNG dispensing units at Jio-bp's fuel pumps, according to a joint statement on Wednesday. The BSE smallcap gauge jumped 1.59 per cent, and the midcap index surged 0.63 per cent. Among BSE sectoral indices, teck surged 1.69 per cent, BSE Focused IT (1.69 per cent), IT (1.68 per cent), telecommunication (1.42 per cent), consumer discretionary (1.26 per cent), consumer durables (1.26 per cent) and healthcare (1.11 per cent). In contrast, Capital Goods and oil & gas were the laggards. 'Indian equity markets have staged a recovery, supported by easing geopolitical tensions in the Middle East and a moderation in crude oil prices. While FIIs continue to withdraw capital, positive global cues are helping sustain domestic market momentum. Domestically, a favourable monsoon forecast, and moderating inflation are further underpinning the optimism,' Vinod Nair, Head of Research, Geojit Investments Limited, said. In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled higher. European markets were trading on a mixed note in mid-session trade. US markets ended significantly higher on Tuesday. Global oil benchmark Brent crude climbed 1.21 per cent to USD 67.95 a barrel. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,266.01 crore on Tuesday, according to exchange data. Domestic Institutional Investors (DII) bought stocks worth Rs 5,209.60 crore. On Tuesday, the Sensex settled in the green, climbing 158.32 points or 0.19 per cent to 82,055.11. On similar lines, the Nifty rose by 72.45 points or 0.29 per cent to end at 25,044.35. PTI SUM SUM BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
3 hours ago
- Automotive
- The Print
Ambani, Adani join hands for fuel marketing in second business partnership
The partnership will cover both group's existing as well as future outlets. Ambani's fuel venture with UK's BP, Jio-bp, will set up petrol and diesel dispensers at CNG retail outlets of Adani Total Gas Ltd (ATGL). Alongside, ATGL — the equal city gas joint venture of Adani Group and TotalEnergies of France — will put up CNG dispensing units at Jio-bp's fuel pumps, according to a joint statement on Wednesday. New Delhi, Jun 25 (PTI) Mukesh Ambani and Gautam Adani have partnered to sell automotive fuels by leveraging each other's fuel retail networks — marking the second business collaboration between the two billionaire industrialists. Jio-bp owns 1,972 petrol pumps across the country while ATGL operates a network of 650 CNG stations in 34 geographical areas. 'Adani Total Gas Ltd (ATGL) and Jio-bp (operating brand of Reliance BP Mobility Ltd) today (Wednesday) announced signing of an agreement to redefine the auto fuel retail experience for Indian consumers. 'Under this partnership, select ATGL fuel outlets will offer Jio-bp's high-performance liquid fuels (petrol and diesel), while select Jio-bp fuel outlets will integrate ATGL's CNG dispensing units, within ATGL's authorised geographical areas (GA), thus enhancing the supply of high-quality fuels to transport consumers,' the statement said. This is the second time in recent months that the rival billionaires have come together. In March last year, the two had signed the pact for their first-ever collaboration for a power project in Madhya Pradesh. Ambani's firm Reliance had picked up a 26 per cent stake in Adani Power's project in MP and signed to use the plants' 500 MW of electricity for captive use. Adani and Ambani, both hailing from Gujarat, have often been pitted against each other in business. The two have also been jostling for the title of Asia's richest person for the last few years. With Ambani's interests spanning oil and gas to retail and telecom and Adani's focus on infrastructure spanning sea ports to airports, coal and mining, they rarely crossed each other's path except in the clean energy business where the two have announced multi-billion investments. Adani is building mega renewable energy parks and has also ventured into solar modules and wind turbine manufacturing. Ambani's Reliance, too, is building four gigafactories at Jamnagar in Gujarat — one each for solar panels, batteries, green hydrogen, and fuel cells. Reliance is also eyeing setting up renewable electricity capacity at Gujarat's Kavada, the arid land bordering Pakistan where Adani is also building the world's largest solar park with 30 gigawatts capacity. The two had come face-to-face during an auction of the 5G spectrum airwaves. While Ambani bid for airwaves to sustain his telecom business, Adani's entry had surprised many. Adani, however, ended up buying a small quantum of spectrum which he later traded with Bharti Airtel. While Ambani has been in the media space since 2014 with news channels such as CNBC-TV18, CNN-News18, and entertainment channels like Colors, Adani only recently followed in his footsteps. Adani's entry was facilitated when a close associate of Ambani sold out a firm to give him controlling stake in NDTV. Ambani and Adani are coming together to challenge the dominance of state-owned retailers in the fuel retailing space. State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) control over 90 per cent of 97,366 petrol pumps in the country. PSUs are also a dominant player in city gas. The joint statement issued on Wednesday said ATGL is India's leading city gas distribution (CGD) player, serving natural gas to households, industries, commercial customers, and motorists. ATGL also offers compressed biogas (CBG), EV charging, and LNG for the transportation segment. Jio-bp, on the other hand, is a leading mobility solutions provider in India, with a strong presence in fuel retailing, low-carbon alternatives, and modern convenience stores. 'We are united by a shared vision to offer our customers a superior selection of high-quality fuels. Jio-bp has always been committed to delivering an exceptional customer experience, and this partnership allows us to leverage each other's strengths to further enhance the value we provide to India,' Jio-bp Chairman Sarthak Behuria said. 'It is our shared vision to provide a complete range of high-quality fuels at our outlets. This partnership will enable us to leverage each other's infrastructure, thus enhancing customer experience and offerings,' ATGL Executive Director and Chief Executive Officer Suresh P Manglani said. The agreement covers both existing and future outlets of both partners, the statement said. 'This strategic alliance marks a significant milestone in the journey of both companies toward sustainable growth and innovation.' PTI ANZ ANZ TRB This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
Mint
4 hours ago
- Automotive
- Mint
Ambani and Adani join hands to sell transportation fuel together
Mumbai: Adani Total Gas Ltd and Reliance Industries Ltd arm Jio-bp have partnered to sell auto fuel across select outlets, the companies said in a statement on Wednesday. Select ATGL outlets will sell Jio-bp's petrol and diesel, and the Jio-bp outlets will integrate ATGL's compressed natural gas (CNG) dispensing units, the statement said. 'This partnership will enable us to leverage each other's infrastructure, thus enhancing customer experience and offerings,' said Suresh P. Manglani, executive director and CEO of Adani Total Gas. This is the second time the rival billionaires have partnered, after Reliance acquired a 26% stake in an Adani Power project in Madhya Pradesh in March 2024. 'We are united by a shared vision to offer our customers a superior selection of high-quality fuels,' said Sarthak Behuria, chairman of Jio-bp. Nirav Karkera, the head of research at Fisdom, said, 'The collaboration between RIL and the Adani Group is expected to be highly synergistic, offering significant operating leverage through their combined physical presence. By providing complementary products, the partnership aims to deliver a more comprehensive customer experience. In a sector largely dominated by state-run entities, this alliance positions both groups advantageously.' The agreement covers the partners' existing and future outlets. Adani Total Gas has 650 CNG operating stations, and Jio-bp has 2,000 outlets. 'ATGL stands to benefit from the extensive Jio-BP fuel station network, while Jio-BP can expand its pincode-level reach through ATGL's infrastructure in a cost-efficient manner. The partnership is likely to be accretive for both players, enabling better margin management through station-level cost synergies,' said Karkera. Adani Total Gas is a joint venture between Adani Group and French multinational Total Energies. The company distributes natural gas to households, industries, commercial customers, and motorists. It also offers compressed biogas, electric vehicle charging, and liquefied natural gas (LNG) for the transport segment. Jio-bp, a joint venture between Reliance Industries and bp, is a mobility solutions provider in India, with a presence in fuel retailing and low-carbon alternatives. India's natural gas demand is forecast to increase by nearly 60% by 2030, driven by robust growth in city gas distribution, industrial demand and power generation, as per the International Energy Agency's latest reports. In their 2023-30 forecast period, India is projected to account for a third of global oil demand growth. Indian standalone refiners are poised to benefit meaningfully in the first quarter of FY26 as global product cracks, especially diesel and aviation turbine fuel (ATF), have surged following escalating geopolitical tensions in the Middle East, according to a June Yes Securities report. Reliance shares closed 1.2% higher at ₹ 1,467.30, and Adani Total Gas closed at ₹ 634.15 on the National Stock Exchange on Wednesday.
