Mukesh Ambani's Reliance Industries Limited (RIL) has completed the process of setting up a separate entity for the oil-to-chemical business. The company says the move will help it expand growth opportunities with strategic partners.
Oil refinery, petrochemical assets in the company's oil to the chemical unit and retail fuel businesses. It excludes oil and gas producing sectors like KG-D6 and textile business. Reliance Industries has for the first time reported the consolidated earnings of the oil-to-chemical business in the financial results for the third quarter of the current financial year.
The revenue details of the refinery and petrochemical business are given separately. Whereas the results of the retail fuel business were released under the company's retail business. Reliance Industries started last year to turn the oil-to-chemical business into a separate entity given a possible deal sale with Saudi Aramco. The company is in talks with the Saudi Arabian oil company to sell a 20 percent stake.