RIL likely to hive off oil-to-chemical business to unlock value: Report

A week after calling off the $15-billion deal with Saudi Aramco, Mukesh Ambani’s Reliance Industries Limited (RIL) is looking to slice up its oils-to-chemicals division to get new investors easily and maximise value, according to a Mint report.

Similarly, RIL announced on Thursday that it will transfer its Jamnagar syngas project to a subsidiary it owns fully with a view to unlocking value. Used for energy production, syngas is a combination of hydrogen, carbon monoxide and some carbon dioxide that is typically manufactured by gasifying a solid hydrocarbon fuel.

“RIL is looking at the elements of the O2C business in the light of its net carbon zero goals,” a source told the publication.