Reliance Industries Ltd said Thursday its board approved a scheme to spin off its oil to chemicals business into a separate company, adding that the due diligence by Saudi Aramco to buy a 20 per cent stake in the de-merged business was “on track”.
Reliance, though, didn’t give a timeline on when the deal would be concluded, amid a turmoil in the oil industry marked by falling crude prices and plunge in demand for refined products such as petrol, diesel and jet fuel due to the lockdown in many parts of the globe to combat the coronavirus.
The company expect to complete the capital raising programme totalling over Rs1.04 lakh crore by Q1 of the current financial year. This includes the investment by Facebook in Jio Platforms, the upcoming rights issue and the previous investment by British Petroleum in FY20.
