The report says that RIL is open to work with global financial investors, reputed technology partners and start-ups working on futuristic solutions. A key focus for RIL is renewable energy and for that it intends to build an optimal mix of clean and affordable energy with hydrogen, wind, solar, fuel cells and battery.

"It intends to use proprietary technology, recycle CO2 and create value from plastic water. RIL is also looking to make its operations cleaner and more customer-centric. For this, it is implementing an end-to-end digitisation of O2C (oil-to-chemical) supply chain," said the report.

As per the report, any potential clarity on the announced transaction with Saudi Aramco or the potential bidding for BPCL may act as a catalyst.

Noting that in last few months, the investor focus has been more on RIL's digital and retail business, the BofA Securities report said, "While we expect momentum at its consumer business to continue and aid in potential multiple re-rating, we find RIL's core O2C business well placed to generate sustained FCF. In this note we look at key business drivers and roadmap for O2C business."