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Issue 6/2021 - Fidelity Industries spins off its petrochemical business

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

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Fidelity Industries spun off its petrochemical business

Recently, Reliance Industries said it expects the regulatory approval process for the previously announced spin-off of the company's petrochemical (O2C) business to be completed
by the end of September 2021.
The O2C spin-off came into effect in January this year, and Reliance has received approval
from market regulators and stock exchange authorities.

Reliance will seek approval
from shareholders and creditors at the Company's fiscal first quarter meeting ending June 30, 2021.
The O2C business will also initially be a wholly owned subsidiary of Fidelity and retain majority control, but the spin-off is intended to attract international investors and potentially accelerate the sale of a stake
in the O2C business to Saudi Aramco.

The company confirmed that it was still negotiating the deal with Saudi Aramco, but gave no further details
.
The spin-off will create "attractive strategic partnership growth opportunities and drive further downstream,"
the people said.
Its goal is to attract high-quality strategic partners, including financial investors, as well as industry-focused investors to participate in the O2C business of subsidiaries
.

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