Reliance expects approvals for oil-to-chemicals business spin-off by Q2


Reliance, owned by billionaire Mukesh Ambani, will retain full control of the business post-restructuring, the company said in the presentation.

Reliance Industries Ltd expects to get the necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit by the second quarter of the next fiscal year, the company said in a presentation to investors on Monday.

The company had initiated the process of spinning off the O2C business at a time when the COVID-19 pandemic has caused a slump in fuel demand and weighed on the segment’s recent results.

Reliance, owned by billionaire Mukesh Ambani, will retain full control of the business post-restructuring, the company said in the presentation.

The Mumbai-headquartered conglomerate also announced its aim to work with the O2C business to reduce its carbon footprint and become โ€œnet carbon zeroโ€ by 2035.

Its vision includes investing in developing renewable energy systems to meet energy demand and to speed up the transition from traditional carbon-based fuels to hydrogen.

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