Ambani partners with Adani to use each other’s fuel networks
MUMBAI/AHMEDABAD : Billionaires Mukesh Ambani and Gautam Adani have joined hands to sell transportation fuels using their respective groups’ retail stations across India.
Reliance Industries’s Jio-bp venture will set up gasoline and diesel dispensers at CNG retail outlets of Adani Total Gas Ltd., according to a joint statement on Wednesday. Similarly, the Adani Group and TotalEnergies JV will put up CNG dispensing units at Jio-bp’s fuel pumps. The agreement will cover both groups’ existing as well as future outlets.
This is the second business collaboration between the billionaires’ groups, after Reliance bought a 26 per cent stake in a 500 MW power project of Adani. The partnership may intensify competition in India’s fuel retailing space dominated by the state-owned companies, which still account for about 90 per cent of the 97,000 retail gasoline and diesel outlets in the country.
“This partnership will enable us to leverage each other’s infrastructure, thus enhancing customer experience and offerings,” Suresh P Manglani, Chief Executive Officer with Adani Total Gas said.
Jio-bp has a network of 2,000 outlets for selling petroleum products. The company also offers electric vehicles charging at some of these and runs convenience stores. Adani Total operates 650 CNG stations nationwide, and also offers compressed biogas, EV charging and LNG for transportation.
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.
