India: Reliance Industries to spin off oil to chemicals biz into separate entity

Reliance Industries Ltd on Sunday released details related to carving out its oil-to-chemicals business into a separate entity, six months after it first announced the proposal as a precursor to a stake sale.

According to the plan, RIL’s oil-to-chemicals assets, including its refining, petrochemicals, fuel retail (majority interest only) and bulk wholesale marketing businesses, along with its assets and liabilities, will be transferred to a new unit.

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