Reliance Industries announced the contours of its demerger of its O2C (oil-to-chemicals) business into a wholly-owned subsidiary, in order to attract global investors like Saudi Aramco and sought shareholder and creditor approval.
In a late night notification to the exchanges, RIL said the reorganisation will enable focused pursuit of opportunities across O2C value chain, improve efficiencies through self-sustaining capital structure and dedicated management team attract dedicated pools of investor capital.
ET in its edition dated 20th February was the first to report about the details of the restructuring that many company watchers also see as a step towards long term succession planning.
The exercise has gathered momentum as negotiations with Saudi Aramco is again back on track after months of pause due to the ongoing pandemic. Post April, physical meetings are due to kickstart once again.