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Reliance to spin off O2C biz into 100% subsidiary
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File photo of an RIL refinery. The company had first announced its plan to form the O2C division in 2019.
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RIL was exploring opportunities to bring in strategic or other investors in the O2C business
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MUMBAI :
Reliance Industries (RIL) is carving out its oil-to-chemicals (O2C) business into a 100% wholly-owned-subsidiary, clearing the decks for the induction of an international partner, the company said on Tuesday.
RIL had first announced its plan to form the O2C division in 2019, ahead of inducting Saudi Aramco as a minority partner in the unit. RIL has been in talks with Aramco for nearly two years for a 20% stake sale in the O2C unit for $15 billion.
The company stated that both NCD and FD holders have to face huge hair-cuts, approximately of Rs 50,000 crore in the current insolvency process. The promoters of DHFL have siphoned approximately Rs 30,000 crore, which has been traced by the Grant Thornton forensic audit report itself.63 m
63 moons urges NCD, FD holders to oppose DHFL resolution plan at NCLT, seek Rs 30,000 cr
By IANS |
Published on
Fri, Jan 8 2021 17:21 IST |
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DHFL. Image Source: IANS News
Mumbai, Jan 8 : 63 moons technologies has invited other non-convertible debentures (NCD) and fixed deposit (FD) holders of Dewan Housing Finance Ltd (DHFL) to oppose the DHFL resolution plan at the National Company Law Tribunal Mumbai, by filing separate applications to seek fraudulent transaction recovery benefits of Rs 30,000 crore.
The company stated that both NCD and FD holders have to face huge hair-cuts, approximately of Rs 50,000 crore in the current insolvency process. The promoters of DHFL have siphoned approximately Rs 30,000 crore, of which Rs 14,000 crore has been traced by the Grant Thornton forensic audit report itself.