What is the plan that RIL has for its O2C business, now that the Aramco deal has fallen through?

Reliance has not yet cancelled the Aramco deal but just put it on hold for the time being. However, RIL is exploring ways and means of hiving off segments of the O2C business of RIL to unlock better value in the process. Reliance has already announced plans to transfer its gasification assets into a 100% subsidiary.

The company is looking to hive off more such permutations and combinations of the oil to chemicals business that make independent business sense. The gasification hive off will enable RIL to make the best of its Syngas business by adopting an asset-light approach. The broad theme is to transition to high-value materials and chemicals with renewables as the base underlying source of energy.