Reliance to spin off O2C biz into 100% subsidiary
MUMBAI : Reliance Industries (RIL) is carving out its oil-to-chemicals (O2C) business into a 100% wholly-owned-subsidiary, clearing the decks for the induction of an international partner, the company said on Tuesday.
RIL had first announced its plan to form the O2C division in 2019, ahead of inducting Saudi Aramco as a minority partner in the unit. RIL has been in talks with Aramco for nearly two years for a 20% stake sale in the O2C unit for $15 billion.
In its scheme of arrangement proposed last September, RIL said it was exploring various opportunities to bring in strategic or other investors in the O2C business, but being a listed company, in terms of Securities and Exchange Board of India (Sebi) Listing Obligations and Disclosure Requirements Regulations, it cannot issue shares with differential rights (equity shares with interest linked to O2C business) to investors.
