Reliance Industries unveils spinoff plan for O2C business
9th Sep 2020

Reliance Industries’ (RIL) new oil-to-chemical (O2C) business unit will hold its oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as KG-D6 and textiles business. The company has started work on hiving off the O2C business into a separate unit for a possible stake sale to companies such as Saudi Aramco.

According to the Scheme of Arrangement, Reliance O2C will house oil refining and petrochemical plants and manufacturing assets, bulk and wholesale fuel marketing, and RIL's 51 per cent interest in retail fuel joint venture with BP of the UK. The O2C unit would also house RIL's Singapore and the UK-based oil trading subsidiaries and marketing subsidiary, Reliance Industries Uruguay Petroquimica SA.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.