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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.
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The Supreme Court on Monday sought a response from Future Retail Limited (FRL) in a plea by e-commerce giant Amazon challenging the Delhi High Court order which had stayed the implementation of status quo direction passed by single-judge of the High Court with respect to the $3.4 billion Future-Reliance deal. A bench headed by Justice Rohinton Nariman also said that while the proceedings before National Company Law Tribunal (NCLT) can go on, they should not culminate in any final order of sanction of the scheme. “Issue notice. Dasti in addition. To come up after three weeks. Rejoinder to be filed two weeks thereafter. List thereafter,” the court ordered, according to law platform Bar & Bench. “Meanwhile, the NCLT proceedings will be allowed to go on but will not culminate in any final order of sanction of scheme.”
Deals cut by Mukesh Ambani-led Reliance Industries helped overall merger and acquisition (M&A) activity grow 33 per cent in 2020 to USD 36.9 billion, a report said on Friday.