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Money News

Reliance hires Indian Oil ex-chairman to lead oil-to-chemical business

The logo of Reliance Industries is pictured in a stall at the Vibrant Gujarat Global Trade Show at Gandhinagar, India, January 17, 2019. REUTERS/Amit Dave/Files

NEW DELHI (Reuters) - India's Reliance Industries Ltd RELI.NS has appointed Sanjiv Singh, former chairman of refiner and fuel retailer Indian Oil Corp. IOC.NS, as group president and member of its oil-to-chemicals (O2C) business leadership team, according to an internal announcement.

Singh, who retired from IOC on June 30, will lead and drive the group’s manufacturing services which are considered the backbone of RIL’s oil-to-chemicals business, RIL Executive Director Hital R Meswani said in the announcement.

Operator of the world’s biggest refining complex, Reliance is in the process of carving out its O2C business into a separate unit called Reliance O2C Ltd.

Reliance is in talks to sell a 20% stake in that business to Saudi Aramco 2222.SE.

Reliance did not respond to a Reuters email seeking comment.

Reporting by Nidhi Verma; editing by Jason Neely

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