RIL AGM: Mukesh Ambani proposes to spin off the oil-to-chemicals business into a separate entity-February 2024-www.financetom.com

RIL AGM: Mukesh Ambani proposes to spin off the oil-to-chemicals business into a separate entity

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RIL AGM: Mukesh Ambani proposes to spin off the oil-to-chemicals business into a separate entity

Jul 15, 2020 6:20 AM

Addressing shareholders at the company's 43rd AGM, Mukesh Ambani said RIL will spin off the oil-to-chemicals (O2C) business into a separate entity and induct strategic partners.

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'Will approach NCLT with our proposal to spin off our O2C biz into a separate subsidiary,' Ambani announced.

The oil-to-chemical business has outperformed in a challenging environment, he said, adding that this accounted for 50 percent of India's export. He further announced that RIL has been approached by strategic investors in its petrochemicals business.

Taking about the Saudi Aramco deal, he informed that due to unforeseen circumstances and COVID 19, the deal with Saudi Aramco has not progressed as per the earlier timeline.

Mukesh Ambani further said that the company has received interest from strategic and financial investors to invest in Reliance Retail and he would induct global and strategic partners into the business.

Click here for all live updates from RIL AGM

Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.

First Published:Jul 15, 2020 3:20 PM IST

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