Shares of Reliance Industries (RIL) and Mahindra and Mahindra (M&M) traded higher in the early hours of December 9 after both the companies signed an agreement on EV products and services.
“Reliance BP Mobility Limited (RBML), operating under the brand name Jio-bp, and The Mahindra Group, on December 8 announced a non-binding MoU for exploring the creation of electric vehicle (EV) products and services, alongside identifying synergies in low-carbon and conventional fuels,” said statement from the company.
The deal also covers evaluating charging solutions by Jio-bp for Mahindra vehicles, including three and four wheelers, quadricycles and electric small commercial vehicles (below 4 tonnes), it added.
The partnership aims to leverage the strengths of both the companies in the areas of EV products and services.
Mahindra Group and its channel partner locations will be evaluated for setting up of Jio-bp Mobility Stations and EV charging and swapping points apart from utilising the existing Jio-bp stations.
Jio-bp recently launched its first Mobility Station in Maharashtra, offering multiple fuelling choices, including EV charging infrastructure, and retail.
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Jio-bp is an Indian fuels and mobility joint venture between Reliance Industries Limited (RIL) and UK’s BP Plc.
At 9:53am, Reliance Industries was quoting at Rs 2,449.40, up Rs 32.00, or 1.32 percent, and Mahindra and Mahindra was quoting at Rs 843.50, up Rs 2.85, or 0.34 percent, on the BSE.
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