RIL gets NCLT approval to withdraw the plan of demerging O2C business.
- ByStartupStory | December 27, 2021
Reliance Industries Ltd (RIL) today said it has received approval from the National Company Law Tribunal (NCLT) to withdraw the company’s plan to demerge its oil-to-chemical (O2C) business into a separate unit.
“We would like to inform you that the Honorable National Company Law Tribunal, Mumbai Bench (NCLT) has vide its order dated December 3, 2021 approved the withdrawal of the O2C Scheme. Order of withdrawal of the O2C Scheme has been uploaded on the website of NCLT today i.e. December 24, 2021,” the company mentioned in its stock exchange filing.
Billionaire Mukesh Ambani-led RIL and Saudi Aramco in November had called off a deal to sell 20 per cent stake in RIL’s O2C business to Aramco in light of the Indian firm’s new energy forays. Thereafter, RIL had urged the NCLT to withdraw the application regarding segregating O2C business from RIL. The stake sale talks were reset in light of Reliance making forays into new energy business by investing $10 billion in alternative energy.
Earlier in 2019, RIL and Saudi Aramco had signed a letter of intent for the latter to potentially acquire a 20 per cent stake in the Ambani-led firm. RIL wanted to create a separate unit of its O2C business with assets worth $42 billion.
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