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RIL to carve-out its oil-to-chemicals business by Q2 FY22

RIL to carve-out its oil-to-chemicals business by Q2 FY22 By IANS | Published on Tue, Feb 23 2021 10:48 IST | 0 Views India s ongoing rally might get extended, if the market s big bull Reliance Industries stock started to participate in the up-move, say market watchers.. Image Source: IANS News New Delhi, Feb. Feb 23 : Reliance Industries Ltd (RIL) proposes to carve out its oil-to-chemicals (O2C) business into a separate wholly-owned subsidiary by second quarter of FY22. The process would result in formation of a new firm Reliance O2C Ltd where the company intends to rope in Saudi national oil company Aramco by selling up to 20 per cent equity.

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Reliance to spin off O2C biz into 100% subsidiary

Reliance to spin off O2C biz into 100% subsidiary Premium File photo of an RIL refinery. The company had first announced its plan to form the O2C division in 2019. 2 min read RIL was exploring opportunities to bring in strategic or other investors in the O2C business Share Via Read Full Story 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.

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Reliance Industries gains 2% on plans to hive off O2C business

Shares of billionaire Mukesh Ambani s Reliance Industries (RIL) rose 2 per cent to hit an intra-day high of Rs 2,048.70 on the BSE after the company said it has begun the process of carving out the O2C business into an independent subsidiary and expects to get the necessary approvals for the same by the second quarter of the next financial year. The company said the O2C business will be turned into a separate entity that will be 100 per cent owned by RIL and will result in no change in the company s shareholding. It further added that it will focus on new energy and new materials business “towards its vision of clean and green energy development.” RIL plans to go net carbon zero by 2035.

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Reliance Industries To Carve-Out Its Oil-To-Chemicals Business Into Separate Subsidiary By Q2 FY22

Reliance Industries To Carve-Out Its Oil-To-Chemicals Business Into Separate Subsidiary By Q2 FY22
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Reliance announces O2C business into 100 pc subsidiary

Reliance announces O2C business into 100 pc subsidiary
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