Reliance Industries Ltd said Friday it has won the backing from its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into an independent unit.
The company called meetings of equity shareholders, lenders and unsecured creditors for considering a resolution for transferring the O2C business into a separate subsidiary — Reliance O2C Limited — according to the directions of the National Company Law Tribunal (NCLT).
RIL said 99.99 per cent of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution.
While 100 per cent of the secured creditors voted in favour of the resolution, 99.99 per cent of unsecured creditors cast their vote in favour of the resolution, RIL said in a regulatory filing.
The meetings were chaired by former Supreme Court judge Justice (Retd) BN Srikrishna.
In February, RIL had announced the contours of spinning-off its oil refining, fuel marketing and petrochemical (oil-to-chemical) business into an independent unit with a $25-billion loan from the parent, as it looked to unlock value by settling stakes to global investors like Saudi Aramco.