Reliance Industries finalising oil-to-chemicals hiveoff as talks with Aramco back on track
Deal negotiations with Saudi Aramco expected to gather momentum from April.
As per the scheme of arrangement, Reliance’s oil-to-chemicals business consisting of its refining and petrochemicals assets, fuel retail (51 per cent in a JV with BP) and bulk wholesale marketing businesses will get hived off into a step-down subsidiary, to be initially wholly owned by RIL.
Reliance Industries is finalising the contours of demerging its O2C (oil-to-chemicals) business into a wholly-owned subsidiary, in order to attract global investors like Saudi Aramco, said people familiar with the exercise. Talks between both sides are back on track, they add. Deal negotiations between the two sides are expected to gather momentum from April of 2021. The final deal may see a combination of stock swap and cash.
As per the scheme