Reliance Industries Jumps 6% on Restructuring of Gasification Assets

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Reliance Industries Jumps 6% on Restructuring of Gasification Assets
Credit: © Reuters.

By Puneet Sikka

Investing.com -- Reliance Industries (NS: RELI ) stock has been volatile this week. On Monday, the stock declined by 4% after the deal between Reliance and global oil major Saudi Aramco was called off. In August 2019, the two companies signed a non-binding letter of intent, as per which Reliance would sell 20% of its stake in its O2C business to Saudi Aramco (SE: 2222 ) for raising USD 15 billion, for debt reduction.

Today, Reliance stock jumped by 6% after its board announced the transfer of its Gasification assets into a wholly-owned subsidiary. About this transfer, the company in its statement mentioned, "This enables production of olefins at competitive capital and operating costs. Syngas as a fuel ensures reliability of supply and helps reduce volatility in energy costs. Syngas is also used to produce Hydrogen for consumption in the Jamnagar refinery."

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