NEW DELHI, March 26 (Reuters) - Airports Authority of India (AAI) will form a joint venture with local airlines and oil companies to supply jet fuel to carriers and Reliance Industries will be a part of it, its chairman V.P. Agrawal said on Tuesday.
The supply of jet fuel to carriers through the three-way joint venture is expected to reduce fuel costs of local carriers by at least 10 percent, Agrawal told reporters on the sidelines of an aviation conference.
Airports Authority of India will own a 13 percent stake in the joint venture and the rest will be held by the oil companies and airlines, he said. (Reporting by Anurag Kotoky; Editing by Anupama Dwivedi)