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New Delhi, Sep 7 Reliance Industries Ltd (RIL) has announced an arrangement for hiving off its O2C (oil to chemicals) business into a wholly-owned subsidiary, which can attract investors.In a regulatory filing, RIL said the rationale of the scheme is that the nature of risk and returns in the O2C business are distinct from the other businesses of RIL and this business attracts a distinct set of investors and strategic investors."RIL has been exploring various opportunities to bring in strategic and other investors in the O2C business. Investors have expressed interest to make an investment in the O2C business," it said.The company said that since it is listed, it cannot issue shares with differential rights, as in equity shares with interest linked only to O2C business, to the investors."Therefore the O2C undertaking has to be transferred into a wholly-Owned subsidiary of RIL, in which the investors will invest," RIL said.According to the arrangement, RIL's oil-to-chemicals business including refining, petrochemicals, fuel retail (51 per cent in a JV with BP, and bulk wholesale marketing businesses, along with its assets and liabilities, will be transferred to the new subsidiary.RIL Chairman Mukesh Ambani had announced that the company will spin off its oil-to-chemical (O2C) business into a separate subsidiary by early 2021 after receiving regulatory approvals.Ambani had said the company will approach the National Company Law Tribunal with a proposal to hive off the O2C segment to facilitate new partnership opportunities.In a letter to shareholders in RIL's annual report for 2019-20, Ambani said in the energy businesses, Reliance is working to complete the contours of a strategic partnership with Saudi Aramco."The partnership gives our refineries access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for a higher oil-to-chemicals conversion," he had said.The deal between Reliance and Aramco involves the Indian entity offering at least 20 per cent stake in the O2C business, covering refining, petrochemicals and marketing.( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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New Delhi, Sep 7 Reliance Industries Ltd (RIL) has announced an arrangement for hiving off its O2C (oil ... ...