Reliance Industries gives detailed plan to carve out O2C assets

Reliance Industries NSE -0.63 % Ltd. released a detailed plan to carve out its oil-to-chemicals business Sunday, following through on a proposal announced in April and readying the unit for a potential stake sale.

The so-called scheme of arrangement lays out the details of the proposed move to spin off its entire oil-to-chemicals assets into a separate unit, by transferring some of the conglomerate’s key oil and petrochemicals assets including those in refining, fuel retail and aviation fuel, according to a filing on Sunday.

The assets will be held by a unit of Reliance, and the ultimate ownership won’t change as a result of the plan, a separate filing disclosed.