Reliance Industries gains more than 1% by finalizing the split of the petroleum-chemical activity

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Reliance Industries, owned by Mukesh Ambani, will retain full control of the company after restructuring

Reliance Industries shares gained more than 1% at the start of the session after announcing plans to separate its oil-to-chemicals (O2C) business into a separate unit. At 9:38 a.m., shares of Reliance Industries were trading at Rs 2,035, up 1.37%, on BSE. Shares have hit an intraday high of Rs 2,048.70 and a low of Rs 2,028 so far.

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Reliance Industries expects to obtain the necessary approvals to separate its petroleum-chemical (O2C) business into a separate unit by the second quarter of next fiscal year, the company said in an investor presentation Monday. The company had initiated the process of splitting the O2C business at a time when the COVID-19 pandemic caused a drop in fuel demand and weighed on recent segment results.

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Reliance Industries, owned by Mukesh Ambani, will retain full control of the company after the restructuring, the company added.

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The BSE Sensex and NSE Nifty were then trading 0.25% higher due to buying value after five consecutive days of decline.

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