echemi logo
Product
  • Product
  • Supplier
  • Inquiry
    Home > Chemicals Industry > International Chemical > Issue 6/2021 - Fidelity Industries spins off its petrochemical business

    Issue 6/2021 - Fidelity Industries spins off its petrochemical business

    • Last Update: 2022-11-12
    • Source: Internet
    • Author: User
    Search more information of high quality chemicals, good prices and reliable suppliers, visit www.echemi.com

    Fidelity Industries spun off its petrochemical business

    Recently, Reliance Industries said it expects the regulatory approval process for the previously announced spin-off of the company's petrochemical (O2C) business to be completed
    by the end of September 2021.
    The O2C spin-off came into effect in January this year, and Reliance has received approval
    from market regulators and stock exchange authorities.

    Reliance will seek approval
    from shareholders and creditors at the Company's fiscal first quarter meeting ending June 30, 2021.
    The O2C business will also initially be a wholly owned subsidiary of Fidelity and retain majority control, but the spin-off is intended to attract international investors and potentially accelerate the sale of a stake
    in the O2C business to Saudi Aramco.

    The company confirmed that it was still negotiating the deal with Saudi Aramco, but gave no further details
    .
    The spin-off will create "attractive strategic partnership growth opportunities and drive further downstream,"
    the people said.
    Its goal is to attract high-quality strategic partners, including financial investors, as well as industry-focused investors to participate in the O2C business of subsidiaries
    .



    This article is an English version of an article which is originally in the Chinese language on echemi.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or complaint, to service@echemi.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.

    Contact Us

    The source of this page with content of products and services is from Internet, which doesn't represent ECHEMI's opinion. If you have any queries, please write to service@echemi.com. It will be replied within 5 days.

    Moreover, if you find any instances of plagiarism from the page, please send email to service@echemi.com with relevant evidence.