Indian Indices
18,642.75 -58.30
62,626.36 -208.24
( -0.33%)
Bank Nifty
43,138.55 -194.40
( -0.45%)
Nifty IT
30,443.00 -448.50
( -1.45%)
Global Indices
11,239.94 -221.56
Dow Jones
33,947.10 -482.78
Hang Seng
19,441.18 -77.11
Nikkei 225
27,885.87 65.47
81.38 0.20
85.77 0.79
100.00 1.17
0.61 0.01


Algoquant Fintech Ltd
Industry :  Trading
BSE Code
ISIN Demat
Book Value()
NSE Symbol
Mar.Cap( Cr.)
Face Value()
Div & Yield %

Mahindra & Mahindra Ltd
Jio-BP, Mahindra Group sign MoU for EV, low-carbon solution
Dec 09,2021
Reliance BP Mobility (RBML), operating under the brand name Jio-bp and The Mahindra Group, on 8 December 2021, announced a non-binding MoU for exploring creation of EV products and services, alongside identifying synergies in low-carbon and conventional fuels.

The MoU also covers evaluating charging solutions by Jio-bp for Mahindra vehicles including electric 3 and 4 wheelers, quadricycles and e-SCV (small commercial vehicles – sub 4 ton). This would include captive fleets and last-mile mobility vehicles of Mahindra Group.

The partnership aims to leverage the strengths of both 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 utilizing existing Jio-bp stations.

Jio-bp recently launched its first Mobility Station in Maharashtra, offering multiple fueling choices, including EV charging infrastructure, while providing a world-class retailing experience.

Additionally, business models like Mobility as a Service (MaaS) and Battery as a Service (BaaS) will be explored wherein Jio-bp could provide charging solutions to vehicles made by Mahindra Group.

The EV market in India is still in a nascent stage and through this MoU, various possibilities and orientation of database, operations support systems, software, pilot and commercial-scale business model and types of charging and swapping facilities are proposed to be explored and implemented subject to techno-economic feasibility and necessary approvals, the companies said in a joint statement.

The partnership aims at accelerating EV adoption in India with high-performance and swappable batteries that will help in dispelling range anxiety. The solutions would afford great convenience to customers who can ideally bring in a depleted battery to their nearest swapping station and within minutes move on with fully charged batteries by paying a nominal fee. Such innovative solutions will broaden the horizon for both the companies and help realize India's net-zero emissions goals faster.

The Mahindra Group enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the world's largest tractor company by volume.

Jio-bp is an Indian fuels and mobility joint venture between Reliance Industries Limited (RIL) and UK's bp plc. The joint venture will leverage Reliance's presence across 21 states and its millions of consumers through the Jio digital platform. bp will bring its extensive global experience in high-quality differentiated fuels, lubricants, retail, and advanced low carbon mobility solutions. Jio-bp aims to expand its fuel retailing network to 5,500 over the next five years.

Shares of Mahindra & Mahindra (M&M) were down 0.19% at Rs 839.05. Shares of RIL were up 1.53% to Rs 2454.50.