Reliance Industries said its existing O2C operating team will move to the newly carved-out subsidiary with the transfer of business, but there will be no dilution of earnings
Reliance Industries (RIL) said on February 23 that it has initiated the process of carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. RIL said it will retain 100 percent management control of the subsidiary.
In a notification to exchanges, RIL said that its existing O2C operating team will move to the newly created subsidiary with the transfer of business, but there will be no dilution of earnings or any restriction on the cash flows.
The promoter will continue to hold a 49.14 percent stake in the O2C business after the reorganisation and that the process will result in no change in shareholding of the company.
According to the conglomerate, all its refining, marketing and petrochemical assets will be transferred to the O2C subsidiary.
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