Reliance gets NCLT approval to withdraw scheme for demerging O2C business

Reliance Industries Ltd on Friday said it has received nod from the National Company Law Tribunal (NCLT), Mumbai to withdraw its application for segregating the oil-to-chemical (O2C) business from the company.

On November 19, the company's board had approved the withdrawal of the O2C Scheme pending before the NCLT.

"We would like to inform that the Hon'ble National Company Law Tribunal, Mumbai Bench (NCLT) has vide its order dated December 3, 2021 approved the withdrawal of the O2C Scheme," Reliance said in an exchange filing.

In August 2019, Reliance had signed a non-binding Letter of Intent with Saudi Aramco for a potential 20 per cent stake acquisition by Saudi Aramco in the O2C business of Reliance. 

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However, last month, Reliance informed that the companies mutually determined that it would be beneficial for both the parties to re-evaluate the proposed investment in O2C business due to the evolving nature of Reliance's business portfolio. The development came in view of the new energy business plans of the Mukesh Ambani-led company.

Following this, Reliance had sought NCLT's nod for withdrawing the application for segregating the O2C business from the company.

Shares of Reliance on Friday closed 0.32 per cent higher at Rs 2,372.25 on the BSE.

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