RIL’s March quarter net profit more than doubles
By Mansoor| Published: 30th April 2021 10:24 pm IST
New Delhi: Billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday reported more than doubling of its March quarter net profit as consumer businesses of retail and telecom as well as petrochemicals saw sequential recovery on improved spreads offsetting continued weakness in refining business.
Consolidated net profit of Rs 13,227 crore in January-March compared with Rs 6,348 crore earned a year back, the company said in a statement.
The fourth quarter net profit included Rs 797 crore exceptional item due to gain on sale of US shale assets.
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Reliance Industries secures shareholders, creditors nod to hive off O2C business into separate unit
Billionaire Mukesh Ambani s Reliance Industries Ltd on Friday said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit.
As per directions of the National Company Law Tribunal (NCLT), the company convened meetings of equity shareholders, lenders and unsecured creditors for consideration of a resolution for transferring the O2C business to a separate subsidiary - Reliance O2C Limited.
In stock exchange filings, RIL said 99.99 per cent of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution. While 100 per cent of the secured creditors voted in favour of the resolution, 99. 99 per cent of unsecured creditors cast their vote in favour of the resolution. The meetings were chaired by former Supreme Court judge Justice (Retd) BN Srikr
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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.
Billionaire Mukesh Ambani s Reliance Industries Ltd on Friday said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit. As per directions of the National Company Law Tribunal (NCLT), the company convened meetings of equity shareholders, lenders and unsecured creditors for consideration of a resolution for transferring the O2C business to a separate subsidiary - Reliance O2C Limited. In stock exchange filings, RIL said 99.99 per cent of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution. While 100 per cent of the secured creditors voted in favour of the resolution, 99.99 per cent of unsecured creditors cast their vote in favour of the resolution.