Reliance Industries has received the approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into an independent subsidiary, the billionaire-Mukesh Ambani led conglomerate informed the bourses on Friday.
Last month, RIL NSE 0.94 % rolled out a plan to hive off its O2C business via a slump sale of assets into a separate entity, which would allow the company to monetise the business by strategic stake sale in the new company. It had also affirmed talks with Saudi Aramco on a stake sale in the business.
