MUMBAI, July 3 (Reuters) - Indian billionaire Mukesh

Ambani's Reliance Industries 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 and Pepsi,

and dozens of other snacks and confectionery brands that fight

for shelf space with the likes of Mondelez's ( MDLZ ) 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.

The new entity will also include Reliance's beauty business.

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.