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Synopsis
In February, RIL had announced the contours of spinning-off its oil refining, fuel marketing and petrochemical (oil-to-chemical) business into an independent unit with a USD 25 billion loan from the parent, as it looked to unlock value by settling stakes to global investors like Saudi Aramco.
Once completed, Mukesh Ambani-led RIL will house only the upstream oil & gas business, financial services, group treasury and legacy textile businesses, and act as a holding company of the group.
Reliance Industries has received the approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into an independent subsidiary, the billionaire-Mukesh Ambani led conglomerate informed the bourses on Friday.
India Business News: Reliance Industries (RIL) will transfer its oil-to-chemicals (O2C) operations to a wholly owned subsidiary for a $25-billion loan, besides $12-billion
Mukesh Ambani’s Reliance hives off O2C business ahead of Aramco deal
BCCL
Reliance Industries Limited announced the demerger of its oil-to-chemicals (O2C) business into a wholly-owned subsidiary. Reorganisation of O2C business facilitates participation by strategic investors and marquee sector focused investors, it added.
Mumbai-headquartered oil major also announced that it aims to work with the O2C business to reduce its carbon footprint and become net carbon zero by 2035.
Mukesh Ambani-owned Reliance Industries Limited, India s most valuable company, announced the demerger of its oil-to-chemicals (O2C) business into a wholly-owned subsidiary.
In a late-night filing to stock exchanges, the company said the reorganization would enable a focused pursuit of opportunities across the O2C value chain, improved efficiencies through a self-sustaining capital structure.
India Business News: Reliance Industries Ltd expects to get the necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit by the second qua