Reliance to hive off O2C enterprise, expects approvals by September quarter
Mukesh Ambani-controlled Reliance Industries Ltd (RIL) expects to get the mandatory approvals to hive off its oil-to-chemicals (O2C) enterprise right into a separate unit by the second quarter of the subsequent monetary yr, in keeping with the corporate’s presentation to buyers on Monday.
The corporate had initiated the method of spinning off the O2C enterprise at a time when the Covid-19 pandemic brought about a stoop in gasoline demand and weighed on the section’s current outcomes.
Reliance would retain full management of the enterprise after restructuring, the corporate stated within the presentation.
The Mumbai-headquartered conglomerate additionally introduced its intention to work with the O2C enterprise to cut back its carbon footprint and turn out to be “web carbon zero” by 2035.
Its imaginative and prescient contains investing in growing renewable power methods to fulfill power demand and to hurry up the transition from conventional carbon-based fuels to hydrogen.
Click on on the picture beneath to learn the complete presentation.