*Reliance hives off oil-to-chemicals business* Reliance Indus | The IITian Trader

*Reliance hives off oil-to-chemicals business*

Reliance Industries (RIL) has announced that it will carve out its oil-to-chemicals (O2C) business into a wholly-owned subsidiary, but will retain 100% management control of the new entity. The new entity will consist of the refining, marketing and petrochemicals assets.

The reorganisation will not result in any change in the shareholding. The strategic restructuring will help RIL in the focused pursuit of opportunities across the O2C value chain and attract global investors.

The company expects to receive regulatory approvals by Q2 FY22. The stock was down nearly 4% yesterday but has gained nearly 9% so far this month.