Reliance Industries Ltd (RIL) has formally set in motion the process of spinning off its oil-to-chemical (O2C) business into a separate subsidiary and induct partners into the entity.
It has come up with a detailed scheme of arrangement to transfer the undertaking to the O2C subsidiary through a slump sale, which is likely to be presented to the National Company Law Tribunal (NCLT) for approval.
At its annual general meeting in July, RIL chairman Mukesh Ambani had disclosed that they expect to complete this process of spinning off into a separate subsidiary by early 2021.
Though a proposed deal with Saudi Aramco in the 02C business did not make much progress since its announcement last year, there has been some ray of hope recently with Aramco indicating that it is doing a due diligence on picking up a stake.
