Former IOC Chairman joins Reliance as Group President

August 26, 2020 14:51

Former Indian Oil Corp chairman Sanjiv Singh has joined Reliance Industries Ltd as Group President for billionaire Mukesh Ambani-run firm's oil-to-chemicals business. A communication by RIL Executive Director Hital R Meswani to the company employees said Singh, who superannuated from India's largest oil firm on June 30, will be a member of the oil-to-chemicals (O2C) business leadership team.

RIL's O2C business consists of the group's twin oil refineries at Jamnagar in Gujarat, petrochemical plants, 51 per cent of fuel retail and aviation fuel venture, and bulk wholesale marketing businesses. It does not include the firm's upstream oil and gas exploration assets that include 66.6 per cent interest in the eastern offshore KG-D6 block.

RIL is in the process of carving out the O2C business into a separate unit, called Reliance O2C Ltd, for a possible sale of a 20 per cent interest to Saudi Aramco for an asking of USD 15 billion. The firm had earlier this year hired former IOC chairman Sarthak Behuria, 68, as a senior advisor to help shape the firm's fuel retail business. -- PTI

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