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,Reliance Industries proposes demerger of oil-to-chemicals business
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Reliance Industries proposes demerger of oil-to-chemicals business
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Image Source : PTI (FILE) RIL proposes to carve out its oil-to-chemicals business into a separate wholly-owned subsidiary
Reliance Industries Ltd (RIL) proposes to carve out its oil-to-chemicals (O2C) business into a separate wholly-owned subsidiary by second quarter of FY22. The process would result in formation of a new firm -- Reliance O2C Ltd -- where the company intends to rope in Saudi national oil company Aramco by selling up to 20 per cent equity.
In a late night filing at bourses, RIL said that the proposed reorganisation of its O2C business will not result in any change shareholding structure in the company. The share holding will remain the same with the promoter group holding 49.14 per cent, domestic individual investors (public) holding a 12.54 per cent, foreign institutional investors (public) holding a 24.49 per cent and others holding the remaining 13.83 per cent.
Further down in the organisational chain, the new O2C subsidiary will hold a 51 per cent stake in Reliance BP Mobility, while BP will hold the remaining 49 per cent stake. It will also hold a 74.9 per cent stake in Reliance Sibur Elastomers Pvt Ltd, while Sibur will hold the remaining 25.1 per cent stake.
The subsidiary will hold the entire 100 per cent stake in Reliance Global Energy Services Singapore (Pte) Ltd, Reliance Global Energy Services Ltd (UK) and Reliance Ethane Pipeline Ltd.
Apart from the O2C subsidiary, RIL will continue to hold 85.1 per cent stake in its other subsidiary Reliance Retail Ventures Ltd. It will also hold 67.3 per cent in Jio Platforms Ltd while having interest in oil and gas and other segments through separate verticals.
READ MORE: Reliance buys two-thirds of own gas from KG-D6; GAIL, Shell among other buyers
RIL said that its O2C Scheme has become effective from January 1, 2021 and required regulatory approval from SEBI and stock exchanges has already been received. It also needs approvals from shareholders and creditors, regulatory authorities and Income-Tax Authority, and National Company Law Tribunal's (NCLT) Mumbai and Ahmedabad benches.
It said that the scheme for reorganisation has been filed with NCLT on February 3, 2021; Shareholder and creditor meeting will be held in Q1 FY22; and the company Expects to receive order from NCLT Mumbai and NCLT Ahmedabad by Q2 FY22.
Following the reorganisation, the management control of O2C will continue to rest with RIL. No dilution of earnings or any restriction on cash flows is expected, while RIL is expected to retain its investment- grade international (BBB+/ Baa2) and domestic AAA credit ratings, RIL said in its filing.
The reorganisation creates an independent, global scale growth engine for RIL, with strong cash flow generation potential, and there will be no impact on RIL's consolidated financials, RIL said.
Consideration for O2C assets funded by interest- bearing loan from RIL to O2C. The O2C current balance sheet shows a loan of billion extended by RIL in its books. O2C to pay floating rate interest linked to 1-year SBI MCLR rate.
READ MORE: Reliance Jio Q3 net profit rises 15.5 per cent to Rs 3,489 crore
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