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.
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