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Issue 18/2020 - Reliance India spins off petrochemical business

 Last Update: 2022-11-12
 Source: Internet
 Author: User

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Reliance India spins off petrochemical business

September 6, Reliance Industries Ltd.
In a filing, it was revealed that it would spin off its petrochemical business into a separate entity that would make a potential equity sale
.

Under the plan, REL's petrochemical (O2C) assets, including refining, petrochemicals, fuel retail (majority-only) and bulk wholesale marketing, together with their assets and liabilities, will be transferred to a new division
.
The new segment will include RIL's Jamnagar, Dahej, Hazira, Nagothane, Vadodara, Patalganga, Silvassa, Barabanki and Hosiarpur refineries and petrochemical plants and manufacturing assets
.

Reliance India said it will also include all assets related to ongoing refining and petrochemical projects that are being commissioned or nearing completion
.

The asset separation plan is part of RIL's goal to sell 20 percent of its refining and chemicals operations to Saudi Aramco
.

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