SEBI approves RIL’s proposal to hive off oil to chemicals (O2C) business into an independent subsidiary

Mukesh Ambani-owned Reliance Industries Limited (RIL), which had proposed hiving off its oil to chemicals (O2C) business into an independent subsidiary said it had received an approval from the Securities and Exchange Board of India (SEBI) and stock exchanges to create this subsidiary. The company now requires the approval of equity shareholders and creditors, regulatory authorities, and the […]

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Proposed business reorganisation by Reliance Industries seen credit neutral, says Fitch Ratings

Fitch Ratings said it sees the proposed reorganisation plan by India’s Reliance Industries Ltd (RIL, BBB-/Stable) to transfer its refining, marketing and petrochemical (oil-to-chemicals) businesses to a wholly owned subsidiary, Reliance O2C Limited (O2C), as a step towards facilitating participation by strategic investors in its O2C businesses. “We anticipate the reorganisation will have a neutral […]

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Reliance Industries likely to spin off oil-to-chemical business into a separate unit

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Reliance Industries Ltd has spun off RIL’s oil-to-chemical business into a new unit that will help it pursue growth opportunities with strategic partnerships, the company said. The oil-to-chemical (O2C) business unit holds Reliance’s oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business. […]

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No Reliance, no oil superpower in race to acquire BPCL

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On Monday, the stipulated deadline for BPCL bids, the government received ‘multiple’ bids for buying out its stake in India’s second-biggest fuel retailer BPCL. Negating all speculations, Reliance Industries as well as supermajors Saudi Aramco, British BP and French Total did not make a bid. Tuhin Kanta Pandey, Secretary, Department of Investment and Public Asset Management (DIPAM), […]

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Reliance Industries to start gas production from three projects in KG basin very soon

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Reliance Industries plans to start the delayed production from the second wave of discoveries in its eastern offshore KG-D6 block of Krishna Godavari basin in November/December, the company said in an investor presentation.  Reliance is working on three projects in the Krishna Godavari basin KG-D6 block, where production from older fields stopped in February this year. […]

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Aramco suspends investment in Chinese refinery as it battles with low oil prices

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Even as Saudi Aramco’s investment into Reliance Industries’ petrochemical business hangs n balance, the oil giant is suspending its investment in a joint venture developing a $ 10-billion refinery and petrochemicals complex in China amid capex cuts, Bloomberg reported. The Chinese will proceed with the project, while the joint venture – in which Saudi Aramco holds […]

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