Reliance Industries shares gained more than 1 per cent in early trading after announcing plans to hive off its oil-to-chemicals (O2C) business into a separate unit. At 9:38 am, the shares of Reliance Industries were trading at Rs 2,035, higher by 1.37 per cent, on the BSE. The shares have touched an intra-day high of Rs 2,048.70 and a low of Rs 2,028 thus far.
Reliance Industries expects to get the necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit by the second quarter of the next fiscal year, the company said in a presentation to investors on Monday. The company had initiated the process of spinning off the O2C business at a time when the COVID-19 pandemic has caused a slump in fuel demand and weighed on the segment's recent results.
Reliance Industries, owned by Mukesh Ambani, will retain full control of the business post-restructuring, the company added.
The BSE Sensex and NSE Nifty were trading higher by 0.25 per cent at the time due to value buying after five successive days of decline.
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