Mumbai, Dec 17 (IANS): British Petroleum (BP) and Reliance Industries Ltd have entered into a definitive agreement for formation of their new Indian fuels and mobility joint venture, it was announced on Monday.

The development follows the initial heads of agreement signed in August this year.

The venture is expected to be formed during the first half of 2020, subject to regulatory and other customary approvals.

"The venture expects to expand from RIL's current fuel retailing network of over 1,400 retail sites and 30 aviation fuel stations across India to up to 5,500 retail sites and 45 aviation fuel stations over the next five years to become the most preferred provider of automotive and aviation fuels," the company said in a statement issued on Monday.

As per the statement, the joint venture will seek to offer high-quality differentiated fuels, convenience and services.

"The partners intend to set up a new joint venture company, held 51 per cent by RIL and 49 per cent by BP, that will assume ownership of RIL's existing Indian fuel retail network and access its aviation fuel business," the statement added.