Reliance Industries has started the process of hiving off its oil-to-chemical business into a separate subsidiary aimed at inviting global investors in its energy business, the conglomerate informed the bourses late Monday.
Forming an independent company for the O2C business is aimed at value unlocking through strategic partnerships, such as a potential investment by Saudi Aramco, and attracting dedicated pools of investor capital. RIL NSE 1.84 % will transfer all its refining, marketing, and petrochemical assets to the 100% subsidiary, RIL O2C.
