Reliance Industries Ltd announced on Friday that it has received consent from the National Company Law Tribunal (NCLT) in Mumbai to withdraw its request to separate the company’s petroleum-chemical (O2C) business.
On November 19, the company’s board of directors approved the withdrawal of the O2C program pending before the NCLT.
“We would like to inform that the Hon’ble National Company Law Tribunal, Mumbai Bench (NCLT) has issued its Dec. 3, 2021 order approving the withdrawal from the O2C program,” Reliance said in an exchange brief.
In August 2019, Reliance signed a non-binding letter of intent with Saudi Aramco for a potential acquisition of a 20% stake by Saudi Aramco in Reliance’s O2C business.
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However, last month Reliance reported that the companies have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business due to the evolving nature of Reliance’s business portfolio. The development took place in view of the new energy business plans of the company headed by Mukesh Ambani.
As a result, Reliance sought approval from NCLT to withdraw the request to separate the company’s O2C business.
Reliance shares closed Friday up 0.32 percent at Rs 2,372.25 on BSE.
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