Prime Time Zone, Webdesk: Reliance Industries Ltd, led by Mukesh Ambani, made a key announcement on Tuesday. The company said it was de-merging its oil-to-chemical (O2C) business. The company hopes that by becoming an independent subsidiary there will be opportunities for huge deals in the future. Reliance’s decision comes amid ongoing talks with oil giant Saudi Aramco. In a notification issued on Tuesday, it sought the approval of shareholders and lenders on a plan to de-merge its O2C business. Reliance believes that being an independent subsidiary, it can focus on O2C opportunities, thereby further enhancing the value of the company. Also, the company claims that it can increase capacity through self-capital construction and enhance the value of the company through strategic partnerships.
Reliance Group now owns 49.14 per cent stake in O2C business after the restructuring. Reliance said there would be no change in the company’s shareholders as a result. The company said it had already received approval from SEBI on the issue and was seeking approval from equity shareholders, lenders and NCLTs. Through this de-merge process, Reliance’s petrochemical, refining and marketing assets will be transferred to the newly formed subsidiary. Reliance said the process would help raise capital from investors after the deal with Saudi Aramco.
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