Billionaire industrialists Mukesh Ambani and Gautam Adani have joined hands for a second time in less than two years, this time to co-market automotive fuels by integrating their retail networks — a strategic move that marks a rare alliance in India’s highly competitive energy sector.Ambani’s Jio-bp and Adani Total Gas Ltd (ATGL) on Wednesday announced the agreement in a joint statement, saying they will set up each other’s fuel dispensers across their retail stations. Jio-bp, the fuel retail joint venture between Reliance Industries and BP, will install petrol and diesel pumps at ATGL’s CNG outlets. ATGL, the city gas distribution firm co-owned by Adani Group and TotalEnergies of France, will in turn add CNG units at Jio-bp fuel stations.According to the joint statement issued to PTI, the partnership will span both existing and upcoming outlets of both companies and aims to “redefine the auto-fuel retail experience for Indian consumers.” Jio-bp currently operates 1,972 petrol pumps nationwide, while ATGL runs 650 CNG stations across 34 geographical areas.This marks the second business partnership between the rival billionaires. In March last year, Reliance Industries had acquired a 26% stake in an Adani Power project in Madhya Pradesh, agreeing to draw 500 MW of electricity for captive consumption.Ambani and Adani — both Gujarat-based tycoons — have long been viewed as rivals in India’s corporate landscape. While their business empires rarely overlap, they have occasionally clashed in emerging sectors such as clean energy, telecom spectrum, and the media. Adani recently entered the media space via a takeover of NDTV, while Ambani has owned a portfolio of news and entertainment channels for nearly a decade.The latest collaboration comes at a time when private players are seeking to loosen the dominance of state-run fuel retailers — Indian Oil Corporation, Bharat Petroleum, and Hindustan Petroleum — who together operate over 90% of the country’s 97,000-plus petrol pumps. These public sector companies also dominate the city gas segment.“The strategic alliance marks a significant milestone in the journey of both companies toward sustainable growth and innovation,” the statement said.ATGL CEO Suresh P Manglani added, “This partnership will enable us to leverage each other’s infrastructure, thus enhancing customer experience and offerings.” Jio-bp Chairman Sarthak Behuria echoed the sentiment, saying, “We are united by a shared vision to offer our customers a superior selection of high-quality fuels.”Both firms are also expanding into clean fuels. While Adani is building the world’s largest solar park in Gujarat’s Kavada region, Reliance is investing in four gigafactories in Jamnagar to produce solar panels, batteries, hydrogen, and fuel cells.The new agreement also covers collaboration on compressed biogas (CBG), EV charging, LNG for transport, and other low-carbon mobility solutions, the companies said.
