Reliance to spin off oil-to-chemicals business into separate arm with USD 25 Billion loan
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Billionaire Mukesh Ambani's Reliance Industries has announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco. The O2C business unit holds Reliance's oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields.