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Informist, Friday, Oct. 17, 2025

 

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--RIL: NCLT approval for FMCG demerger has come through 
--RIL: FMCG demerger likely on Nov 1 subject to written NCLT order 
--CONTEXT: Comments by RIL management at post-earnings analyst meet 
--RIL: Expect LNG prices range-bound in near term 
--RIL: Seeing very healthy growth in domestic crude demand 
--RIL: PVC agrochemical sales impacted due to heavy rains 
--RIL: See PVC sales stabilising in Oct-Dec 
--RIL: To start solar cell giga factory at Jamnagar next month

 

By Pallavi Singhal and Naryana Krishna

 

NEW DELHI – Reliance Industries Ltd. Friday said the company had received the National Company Law Tribunal's approval for demerger of its fast-moving consumer goods segment. The demerger is likely to go through on Nov. 1, subject to a written order from NCLT. "We are waiting for a written order," the company's management said in a post-earnings analyst concall Friday. 

 

The new entity, to be named New Reliance Consumer Products Ltd., will be a direct subsidiary of Reliance Industries and similar to the structure of Jio Platforms Ltd., as per the report. Currently, the company's FMCG products are managed under Reliance Retail Ventures Ltd., Reliance Retail Ltd. and Reliance Consumer Products Ltd.

 

"The consumer brands business is one of building brands, managing the entire product lifecycle from research, development, manufacturing, distribution and marketing," an order from National Company Law reference to RIL's filing for restructuring dated Jun. 25 read. "This is a large business by itself requiring specialised and focused attention, expertise and different skill sets as compared to retail business," it had said.

 

The company's management noted that the domestic crude oil demand remained "very healthy", buoyed by strong economic activity. "Domestic demand, again, [is] pretty strong. Economy is doing well. So that's the reason why we are seeing very healthy growth," the management said. It added that India continues to be a key driver of incremental oil demand globally, contributing roughly 14% of the global demand growth this year, with diesel and jet fuel leading the recovery.

 

While the volumes for aviation turbine fuel were lower compared to the previous quarter due to temporary flight schedule disruptions following an incident in Ahmedabad, Reliance maintained its market share of around 6% in sales, management said.

 

The energy division sees LNG prices range-bound, with the ceiling gas price notified at $9.72 per Million British Thermal Unit for the next half year. "We expect overall prices to remain range-bound," the company said, citing rising Chinese demand and higher US LNG exports offset by elevated inventories in Europe.

 

The oil to chemicals segment, by far the most significant vertical for Reliance Industries as it contributed around 62% to the company's consolidated revenue in Jul-Sept, reported a 3% on-year and on-quarter rise in sales. It attributed the low growth to PVC and agrochemical sales, which it said were temporarily impacted due to heavy rains and flooding across several states. "PVC being an agrochemical-linked product was impacted, but with rains now ending, we expect PVC demand to bounce back again," the management said.

 

Reliance Industries' new energy business continues to advance rapidly, the management said. It said its solar cell giga factory at Jamnagar will begin operations next month, marking a major milestone in its renewable energy roadmap. "We are happy to say that our solar cell giga factories will be starting up in the next month at Jamnagar," management said. "We are building a complete value chain including wafers, polysilicon, ingots and glass for PV (photovoltaic) modules — all under one integrated complex."

 

On the retail side, Reliance Retail added about 400 new stores during the quarter and continues to deepen its omni-channel presence through expansion of dark stores to enhance last-mile delivery, management said. "We are complementing our store network with dark stores so that we reduce the last-mile delivery radius and are able to deliver quickly," it said.

 

The company also confirmed that it has implemented the recent GST rate cuts across its product categories and passed the benefits on to consumers. "We made a public commitment and implemented the changes to pass on the GST benefit to consumers immediately once the new GST rates came into effect," it said.

 

In the upstream oil and gas segment, adverse weather conditions led to delays in drilling new wells in its Coal Bed Methane blocks. "Because of the adverse weather conditions, it was a roadblock in that sense. The expectation is we'll be able to rapidly drill these wells in the coming quarters and augment production," the management added. RIL's Coal Bed Methane blocks are two blocks in the Sohagpur region of Madhya Pradesh, which the company is developing to increase its coal bed methane production.

 

RIL disclosed its September quarter financials after the markets closed. It reported a consolidated net profit of INR 181.65 billion on revenues of INR 2.59 trillion. Friday, the company's shares closed 1.3% higher at INR 1,416.80 on the National Stock Exchange.  End

 

US$1 = INR 87.97

 

 

Edited by Deepshikha Bhardwaj

 

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