Ambani's Reliance to turn into a holding company after Aramco deal

Mukesh Ambani's Reliance Industries will turn into a holding company with only domestic oil and gas exploration arm left in its standalone business. All other units — telecom, retail, and media — would be held through structures similar to subsidiaries. Reliance plans to move refining and petrochemical assets to a new subsidiary, in which Aramco will hold a 20% stake.