Reliance Industries Ltd on Sunday released details related to carving out its oil-to-chemicals business into a separate entity, six months after it first announced the proposal as a precursor to a stake sale.
According to the plan, RIL’s oil-to-chemicals assets, including its refining, petrochemicals, fuel retail (majority interest only) and bulk wholesale marketing businesses, along with its assets and liabilities, will be transferred to a new unit.
In April, RIL approved an arrangement for the transfer of its oil-to-chemicals (O2C) business to Reliance O2C Ltd as a going concern on slump sale basis.
The separation of the assets was planned as part of RIL’s target to sell 20% in its refining and chemicals business to Saudi Aramco.
The deal, however, has been delayed.
Assets, including Reliance Ethane Holding Pte Ltd, Reliance Gas Pipelines Ltd, Gujarat Chemical Port Ltd, Reliance Corporate IT Park Ltd, Reliance Industrial Infrastructure Ltd, among others, will not be part of the oil to chemicals undertaking.
In a document on its website, RIL said it has been exploring options to bring in strategic investors in the O2C business.
