Reliance To Spinoff Oil-To-Chemicals Unit With $25 Billion Loan

Bloomberg Quint | Feb 23, 2021 at 9:26 AM
  • Reliance Industries Ltd. has started carving out its new oil-to-chemicals operation into an independent unit with a $25 billion loan from the parent, as billionaire Mukesh Ambani steps up efforts to unlock the value of his businesses.
  • The wholly owned unit’s assets will be funded by the interest-bearing loan, which will be an “efficient mechanism to upstream cash, including any potential capital receipts,” in the unit.
  • Ambani has promised to offer 5G services on his wireless network as early as this year and expand into cleaner fuels to ride the global energy transition.