The Competition Commission of India (CCI) has approved the proposed combination between BP Global Investments Ltd and Reliance BP Mobility Ltd (RBPML) under Section 31(1) of the Competition Act 2002.
The proposed combination relates to transfer to RBPML of Reliance Industries Ltd (RIL) and its group entities' entire undertaking pertaining to the business of owning, operating and conducting petroleum retail and related activities in India.
It also includes the transfer of certain specified mobile aviation business assets at certain airport locations (which are currently owned and used by RIL) for RBPML to operate RIL's aviation fuel business in India as a service provider.
The combination includes the subsequent proposed acquisition by BP Global of an aggregate 49 per cent of the fully diluted paid-up equity share capital and voting rights in and of RBPML by way of acquisition of existing equity shares of RBPML from RIL and subscription by BP Global to fresh equity shares of RBPML.
BP Global is an investment holding company and holds shares in subsidiaries and associated compes. It currently does not conduct any business operations in India, according to an official statement.
RBPML currently does not conduct any business operations and accordingly does not have any business activities in India or anywhere else in the world.
However, post the proposed combination, it will operate the business that will be transferred to RBPML by RIL and its group entities, said the statement.
( With inputs from ANI )