From Gulf-times.com: Reliance Industries, India’s largest listed firm, said it is to absorb its 70%-owned Reliance Petroleum unit through a share offer, creating the world’s largest refining complex.

Combining operations will cut costs, Reliance said in a statement, adding the move would boost earnings from year one — at a time when world crude oil prices have slumped 71% since hitting a record high last July. …. Full Article: Source