Reliance to hive off O2C business, expects approvals by September quarter


Mukesh Ambani-controlled Reliance Industries Ltd (RIL) 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 financial year, according to the company's 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 caused a slump in fuel demand and weighed on the segment's recent results. Reliance would retain full control of the business after restructuring,.....

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