Reliance Industries Ltd on Monday said it has signed a “definitive agreement” with BP to retail auto and aviation turbine fuel (ATF) in the country.

In August this year, the duo had signed an initial agreement. RIL had then disclosed that the new joint venture company will assume ownership of its existing fuel retail network in the country and access its ATF business. The joint venture will be 51 per cent held by RIL and the rest by BP.

The retail network will operate under the “Jio-BP” brand.

A spokesperson for the company said the outlets will also offer other services such as Jio recharges.

In a late evening statement on Monday, the oil-to-telecom giant said the venture was expected to be formed during the first half of 2020, subject to regulatory and other approvals.

The venture will include a pan-India fuel retail service station network and aviation fuel marketing business. It expects to expand RIL’s current fuel retailing network of over 1,400 sites and 30 aviation fuel stations to up to 5,500 pumps and 45 aviation fuel stations over the next five years.