Reliance Industries (RIL) investors remained largely unfazed by the company’s proposal to hive off the oil-to-chemical (O2C) business into a 100 per cent subsidiary of RIL as most had anticipated the move. Shares of RIL closed 0.8 per cent higher on the BSE on Tuesday, having rallied 2 per cent at the bourses in the intra-day trade. Yet, the latest announcement, RIL s focus on new energy and net materials business (dedicated towards development of a green energy ecosystem) and gradually improving outlook for O2C vertical could provide triggers for the stock going ahead. Late on Monday, RIL said it has initiated the process of reorganisation of O2C business into a new subsidiary, which is expected to complete by Q2FY22. As per the proposal, RIL will transfer its refining and petrochemicals businesses along with fuel marketing joint venture (RIL holds 51 per cent) with BP, elastomer joint venture (74.9 per cent) with Sibur, Recron/RP Chemicals Malaysia, trading subsidiaries,