Reliance gets shareholders, creditors nod for hiving off O2C business into separate unit
The Hindu
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit.
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit. As per directions of the National Company Law Tribunal (NCLT), the company convened meetings of equity shareholders, lenders and unsecured creditors for consideration of a resolution for transferring the O2C business to a separate subsidiary - Reliance O2C Limited. In stock exchange filings, RIL said 99.99 % of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution.
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