Reliance to hive off $75 bn O2C business into separate unit for sale to Aramco
New Delhi: Reliance IndustriesNSE 2.74 % Ltd (RIL), India’s largest company, on Thursday said its board has approved hiving off its USD 75 billion worth oil-to-chemicals business into a separate division to enable the sale of 20 per cent stake in the unit to Saudi national oil company Aramco. The hiving off will be subject to the approval of the National Company Law Tribunal.
After the approval, the oil-to-chemical (O2C) business will become a separate vertical with independent balance sheet just like the conglomerate’s digital arm, Jio Platforms. RIL had organised all its digital businesses including Reliance Jio that has 388 million telecom subscribers, into Jio Platforms. It last week agreed to sell a 9.99 per cent stake in Jio Platforms to Facebook Inc for USD 5.7 billion.
