Reliance Industries unveils O2C spinoff plan Aramco may buy stake in new entity Reliance Industries Ltd (RIL) expects to get all the necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit by the second quarter of the next fiscal year, paving the way for the possible arrival of strategic and financial investors in the subsidiary. RIL will spin off Reliance O2C into a wholly owned subsidiary, with the transfer of assets to O2C done on a slump-sale basis that makes the reorganisation tax neutral to Reliance. The company will transfer $40 billion of long-term assets, $2bn of net working capital and $5bn of non-current liabilities to the O2C entity for a consideration of $25bn of a long-dated floating rate loan and $12 billion of equity.