CORRECTED-Ambani's Reliance to spin off India consumer goods business into new unit

MUMBAI, July 3 (Reuters) - Indian billionaire Mukesh Ambani's Reliance Industries RELI.NS said it will spin off its consumer goods unit into a new entity to allow the fast-growing business to attract investors beyond those backing its retail unit.

Reliance's consumer business includes brands such as Campa Cola, which competes with Coca-Cola KO.N and Pepsi PEP.O, and dozens of other snacks and confectionery brands that fight for shelf space with the likes of Mondelez's MDLZ.O Cadbury chocolates.

India's National Company Law Tribunal has approved the internal restructuring under which Reliance will transfer its consumer business from its retail arm into a direct subsidiary, New Reliance Consumer Products Ltd, according to an order dated June 25, which was first reported by Indian media on Thursday.

"This is a large business by itself requiring specialized and focused attention, expertise and different skill sets as compared to retail business," Reliance said in its request for approval to the tribunal, according to the order.

"This business also entails large capital investments on an on-going basis and can attract a different set of investors," it added.

Reliance Industries will hold an 83.56% stake in the entity.

Reliance's retail unit has separately been planning an IPO.

On Thursday, Reliance Retail announced a strategic minority investment in UK-based FACEGYM, a facial fitness and skincare company, without disclosing an investment amount.