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After years of global success, India's Reliance Industries faces oil shock at home
October 29, 2018 3:52 AM EDTBy Koustav Samanta and Promit Mukherjee
SINGAPORE/NEW DELHI (Reuters) - Reliance Industries , currently India's second most valuable listed company, got rich by trading fuel across Asia, Africa and Europe while effectively ignoring its home market.
Reliance's refineries processed crude from the nearby Middle East and sold fuel to fast-growing markets in North Asia including China, Japan, South Korea and Taiwan.
That began to change when India's oil demand surged, overtaking Japan as the world's third-biggest consumer. Reliance took more interest in the country's retail fuel sector and has opened more than 1,300 service stations.
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