Mukesh Ambani-owned Reliance Industries Limited board on Monday agreed to merge with its refinery subsidiary Reliance Petroleum Limited, creating it into one of the largest refiners in the world.

RIL CFO Alok Agarwal said:

The integrated energy companies would have higher valuations as against the standalone refiners. The merger would unlock synergies in crude sourcing and product placement and lead to greater flexibility in operations planning.

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