Reliance Industries Ltd spins off oil-to-chem unit
Mukesh Ambani’s Reliance Industries Ltd has completed the spin-off of the firm’s oil-to-chemical business into a new unit that will help it pursue growth opportunities with strategic partnerships, the company has said.
The oil-to-chemical (O2C) business unit holds Reliance’s oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business.
Reliance for the first time reported integrated earnings of the O2C business in its third-quarter financial results. Earlier, the refining and petrochemical businesses were reported separately while fuel retailing revenue was part of the firm’s overall retail business.
