RIL’s Jio, Retail arm balance out slip in Mukesh Ambani’s refining, petrochem business

Mukesh Ambani’s Reliance Industries is riding high on the back of its telecom and retail arm even when the country is reeling under an economic slowdown. While the company’s Refining and Petrochemicals business reported modest performance, the consumer-facing business led by Jio and Reliance Retail balanced out the slip and made for these businesses. “Increase in revenue is primarily on account of robust growth in Retail & Digital Services businesses which grew by 27% and 43%, respectively. This was partially offset by a decrease in Refining and Petrochemicals segment revenue with 17.7% fall in Brent crude price,” Reliance Industries said on Friday, announcing its Q2FY20 results.