Reliance Industries (RIL), led by Mukesh Ambani, has announced a sensational decision. Announces its Oil-to-Chemicals (OTC) business as an independent subsidiary.
Reliance Industries Limited: Mukesh Ambani-led Reliance Industries (RIL) has announced a sensational decision. It announced on Tuesday that it was developing its oil-to-chemicals (OTC) business as an independent subsidiary. RIL said it would have 100 per cent management and control over the newly formed subsidiary with the business transfer. The entire operating team, he said, will move into the new company. Also, it stated that there would be no restrictions on reducing revenue or cash flows.
Henceforth, RIL will gain 100 per cent management control over this new independent subsidiary. Reliance Industries has sent a notification to the exchanges. Otus clarified that there would be no change in the promoters’ group stake in the business after it was transformed into an independent subsidiary, which would retain a 49.14 per cent stake.
The new decision will transfer the refining, marketing and petrochemical assets of Reliance Industries to Otosi, a subsidiary of Otosi. Reliance Industries hopes that this will enable it to forge strategic partnerships. It hopes to strike a deal with Saudi Aramco. This decision will help in attracting investment capital. Reliance Industries said it was currently in talks with Aramco. Saudi Aramco, the world’s largest oil exporter, is seeking a 20 per cent stake in Reliance Otosi’s business.
With this new decision, Reliance will also divert the $ 25 billion interest-bearing loan related to the Otosi business to the new company. SBI pays interest on the loan at MCLR rate during the year. Strategic investors will repay the loan when they invest. Reliance Industries has also sought approval from the Securities and Exchange Board of India (SEBI) and stock exchanges for the change.
However, the green signal is yet to come from the National Company Law Tribunal (NCLT), which has benches in equity shareholders, creditors, Income Tax Authority, Mumbai, Ahmedabad. The company expects all such approvals to arrive by the end of September.
Following the new decision, Reliance Industries Ltd’s stake in Reliance Retail Ventures rose to 85.1 per cent. Also, Geo owns 67.3 percent of the platforms. The proposed new independent subsidiary will also include యల్ Fuel Retail Subsidiary. RIL has a 51 per cent stake in it. The remaining 49 per cent belongs to BP PLC. From now on, Reliance Industries Ltd., an OTC subsidiary, wants to reach the Net Carbon Zero Target by 2035. Financial experts believe that decisions have been made in that direction.
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