Reliance Industries Ltd. released a detailed plan to carve out its oil-to-chemicals business Sunday, following through on a proposal announced in April and readying the unit for a potential stake sale.
The so-called scheme of arrangement lays out the details of the proposed move to spin off its entire oil-to-chemicals assets into a separate unit, by transferring some of the conglomerate’s key oil and petrochemicals assets including those in refining, fuel retail and aviation fuel, according to a filing on Sunday.
The assets will be held by a unit of Reliance, and the ultimate ownership won’t change as a result of the plan, a separate filing disclosed.
The proposed separation of the assets from the listed company in April was seen as a precursor to a stake sale to Saudi Arabian Oil Co., the kingdom’s main oil producer. Since then, Reliance has disclosed delays to the proposed deal, although Saudi Aramco said that it was still working on the $15 billion stake purchase plan.
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