Mukesh Ambani-controlled Reliance Industries (RIL), one of the richest people in Asia, has announced the conversion of its oil-to-chemical (O-to-C) business into a separate entity. For this, the new company will be given a loan of $ 2,500 million, or about Rs 1.80 lakh crore from parent company RIL. The company is in the process of properly evaluating O-to-C business by selling shares to global investors such as Saudi Aramco.
RIL said to the stock markets that the restructuring has allowed it to focus on opportunities in the O-to-C value chain, become self-sufficient on its own capital and dedicated team and attract capital through a pool of competent investors Will help The O-to-Sea business includes RIL’s oil refinery, petrochemical assets and oil retailing business.
However, this does not include oil and gas producing sectors like KG-D6 and textile businesses. After this restructuring is completed, RIL, established by Dhirubhai Ambani in the seventh decade of the last century, will have only oil and gas exploration, financial services, treasury and textile businesses. It will act as a holding company for other group companies.
RIL already has a retail business with Reliance Retail Ventures Limited (RRVL) and telecom and digital business Reliance Jio Platforms Limited. RIL holds 85.1% stake in Reliance Retail and 67.3% in Jio Platforms. The rest of the company’s stake has been sold to global investors including Facebook Inc and Google for over two lakh crore rupees.
