In a late-night filing to stock exchanges, the conglomerate said the reorganisation would enable a focused pursuit of opportunities across the O2C value.
Reliance to spin off oil-to-chemicals business with USD 25 bn loan
The carving out of Reliance O2C Limited (O2C) will enable the focused pursuit of opportunities across the oil-to-chemicals value chain, improve efficiencies through self-sustaining capital structure and a dedicated management team, and attract dedicated pools of investor capital, according to a company presentation filed with the stock exchanges.
Mukesh Ambani
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Billionaire Mukesh Ambani s Reliance Industries 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 looks to unlock value by settling stakes to global investors like Saudi Aramco.
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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
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