RIL announces demerger of oil-to-chemical biz as talks with Aramco resume
After demerger, holding company RIL will have upstream exploration and production business, financial services, treasury and textile business, while RIL O2C Ltd will have an oil-to-chemical business comprising refining and petrochemicals, fuel retail, and control over global subsidiaries of RIL
BusinessToday.In | February 23, 2021 | Updated 12:25 IST
RIL Chairman Mukesh Ambani
Reliance Industries on Tuesday announced the demerger of its O2C (oil-to-chemical) business into a wholly-owned subsidiary as the company eyes mega deals in future, including with oil behemoth Saudi Aramco.
The notification, issued late night on February 23, seeks shareholder and creditors approval on the company s plan to demerge its O2C business.
Reliance O2C business will comprise largest and most complex single-site refinery at Jamnagar, it ll continue ongoing talks with Saudi Aramco, and comprises fuel retail business