Reliance To Re-Evaluate Saudi Aramco's Stake In Oil-To-Chemicals Arm

Reliance Industries has withdrawn the application with NCLT for segregating its oil-to-chemicals (O2C) business, after it decided with Saudi Aramco to re-evaluate the stake sale of the O2C arm

Billionaire Mukesh Ambani-led Reliance Industries has withdrawn the application with the National Company Law Tribunal (NCLT) for segregating its oil-to-chemicals (O2C) business after it decided with Saudi Aramco to re-evaluate the stake sale of the O2C arm. The move came in light of the multinational conglomerate's new energy business plans and the ''evolving nature of its business portfolio'', according to a regulatory filing by the multinational conglomerate to the stock exchanges on Friday.