Fitch Ratings said on Tuesday the proposed reorganisation plan by Reliance Industries Ltd (RIL) to transfer its refining, marketing and petrochemical (oil-to-chemicals) businesses to a wholly-owned subsidiary as a step towards facilitating participation by strategic investors in its O2C businesses. We anticipate the reorganisation will have a neutral impact on RIL s credit metrics and rating, it said.The transfer will be on a slump sale basis subject to attaining the requisite approvals. The consideration for transfer will be in the form of long-term interest-bearing debt of 25 billion dollars to be issued by O2C to RIL.RIL s external debt is proposed to remain with RIL only. As RIL moves its oil refining, petrochemical and 51 per cent stake in a fuel retail subsidiary -- among other businesses -- to O2C, it will continue to hold businesses like textiles and upstream oil gas, and will act as an incubator for new growth businesses.The proposed reorganisation eases formation of
Wednesday 3 March 2021
business-standard - 8 days ago
Reliance s proposed business reorganisation credit neutral: Fitch
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