The Competition Commission of India (CCI) has approved the proposed joint venture BP Global Investments Limited (BP Global) and Reliance BP Mobility Limited (RBPML).

The CCI cleared the joint venture under Section 31(1) of the Competition Act, 2002, a government press release said. It paves the path for the proposed acquisition by BP Global of an aggregate 49 per cent of the fully diluted paid-up equity share capital and voting rights in and of RBPML from RIL.

BP Global is an investment holding company and holds shares in subsidiaries and associated companies. It currently does not conduct any business operations in India.

RBPML currently does not conduct any business operations and, accordingly, does not have any business activities in India or anywhere else in the world. However, after the proposed combination, it will operate the business that will be transferred to RBPML by RIL and its group entities..