14.07.2020 • NewsBPElaine BurridgeReliance

BP Invests in India Green Fund

UK-headquartered multinational energy group BP has announced it will inject $70 million later this year into India’s Green Growth Equity Fund (GGEF). Based in Mumbai, GGEF invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains.

BP will become a limited partner in GGEF and have representation on its advisory committee, as well as the rights to co-invest in projects alongside the Fund.

The deal is part of BP’s strategy to build its renewable business through complementary partnerships as it aims for net zero carbon in its oil and gas production on an absolute basis by 2050 or sooner. As part of this ambition, one of BP’s 10 aims is to increase the proportion of investments into non-oil and gas businesses.

GGEF already includes investments from both the Indian and UK governments and expects to reach about $700 million commitment at final close, growing further through leveraged capital options.

“Our investment in GGEF will aim to rapidly scale-up commercially viable low carbon solutions,” said Sashi Mukundan, president BP India and senior vice president BP Group. “The portfolio and scale of investments made by GGEF - be it in solar power, mobility solutions or sustainable infrastructure management - is extraordinary. Each one of these will help India achieve its climate goals.”

UK-headquartered energy group BP will inject $70 million later this year into...
UK-headquartered energy group BP will inject $70 million later this year into India’s Green Growth Equity Fund (GGEF). BP will become a limited partner in GGEF and have representation on its advisory committee, as well as the rights to co-invest in projects alongside the Fund. Photo by Rohit Gangwar from Pexels

Joint venture with Reliance Industries

Also in India, BP has started a new fuels and mobility joint venture with Reliance Industries Limited (RIL). Following initial agreements in 2019, BP has paid $1 billion to RIL for a 49% stake in the jv, called Reliance BP Mobility Limited (RBML). RIL holds the remaining 51% share.

The partners expect the venture, which will operate under the Jio-BP’ brand, to grow rapidly to help meet India’s energy and mobility needs over the next 20 years, when it is expected to become the fastest-growing fuels market in the world and the number of passenger cars in the country is estimated to grow almost six-fold.

Interview

Specialty Chemicals in a Shifting World
Adapting to Tariffs and Strengthening Regional Networks

Specialty Chemicals in a Shifting World

Jennifer Abril, President & CEO of SOCMA, discusses the impact of new tariffs and the importance of regional supply networks in the specialty chemical industry.

Innovation Pitch

The Start-up Platform for Chemistry & Life Sciences
Discover Tomorrow’s Innovators

The Start-up Platform for Chemistry & Life Sciences

CHEManager Innovation Pitch supports innovation in the chemistry and life sciences start-up scene. The platform allows founders, young entrepreneurs, and start-ups to present their companies to the industry.

most read

Photo
28.07.2025 • NewsChemistry

VCI Welcomes US-EU Customs Deal

The German Chemical Industry Association (VCI) welcomes the fact that Ursula von der Leyen, President of the European Commission, and US President Donald Trump have averted the danger of a trade war for the time being.