Reliance Industries Ltd (RIL), is reported to be in talks with public sector oil marketer Hindustan Petroleum Corporation (HPCL) for a tag up to run the RIL’s fuel retail outlets, closed a year earlier after incurring huge losses.
As of now, HPCL has issued a limited tender to five merchant bankers to advise it on the deal. Last year, RIL closed its 1,400 petrol pumps 900 owned by the company and the rest managed by dealers and RIL’s losses mounted to unmanageable levels, with fuel prices rising up to an all-time high of $146 a barrel in July.