Under the non-binding deal, the company will evaluate Jio-bp's charging and battery swapping technology for its electric three- and four-wheelers, as well as quadricycles and small commercial vehicles.
The partnership will also explore business models such as mobility as a service and battery as a service to help speed up EV adoption in the country.
Currently, EVs make up only a fraction of the country's auto sales, mainly due to high battery costs and the lack of charging infrastructure.
Jio-bp said in October that it had started offering services for charging and battery swapping for electric vehicles in India.
Mahindra is also looking to bolster its EV business and has been considering raising funds or carving it out as a separate unit. The company expects electric vehicles to account for about 20% of its volumes in India by 2027.
(Reporting by Shivani Singh in Bengaluru; Editing by Anil D'Silva)