Reliance gets nod for hiving off O2C business

Reliance Industries said it has secured approval of its shareholders and creditors for hiving off its oil-to-chemical (O2C) business into a separate unit. As per directions of the National Company Law Tribunal (NCLT), the company convened meetings of equity shareholders, lenders and unsecured creditors for consideration of a resolution for transferring the O2C business to a separate subsidiary - Reliance O2C Limited. In stock exchange filings, RIL said 99.99% of shareholders, who participated in the meeting held through video conferencing, voted in favour of the resolution. While 100% of the secured creditors voted in favour of the resolution, 99.99% of unsecured creditors cast their vote in favour of the resolution. The meetings were chaired by former Supreme Court judge Justice (Retd) BN Srikrishna.