- RIL says it has been exploring options to bring in strategic investors in the O2C business
- The separation of the assets was planned as part of RIL’s target to sell 20% in its refining and chemicals business to Saudi Aramco
Reliance Industries Ltd on Sunday released details related to carving out its oil-to-chemicals business into a separate entity, six months after it first announced the proposal as a precursor to a stake sale.
According to the plan, RIL’s oil-to-chemicals assets, including its refining, petrochemicals, fuel retail (majority interest only) and bulk wholesale marketing businesses, along with its assets and liabilities, will be transferred to a new unit.
In April, RIL approved an arrangement for transfer of its oil-to-chemicals (O2C) business to Reliance O2C Ltd as a going concern on slump sale basis.
