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Mukesh Ambani-controlled Reliance Industries Ltd (RIL) expects to get the necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit by the second quarter of the next financial year, according to the company s presentation to investors on Monday. The company had initiated the process of spinning off the O2C business at a time when the Covid-19 pandemic caused a slump in fuel demand and weighed on the segment s recent results. Reliance would retain full control of the business after restructuring, the company said in the presentation. The Mumbai-headquartered conglomerate also announced its aim to work with the O2C business to reduce its carbon footprint and become net carbon zero by 2035.

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