India's Reliance Industries expects to get the necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit by the second quarter of the next fiscal year, the company said in a presentation to investors on Monday.
The company had initiated the process of spinning off the O2C business at a time when the COVID-19 pandemic has caused a slump in fuel demand and weighed on the segment's recent results.
Reliance, owned by billionaire Mukesh Ambani, will retain full control of the business post-restructuring, the company said in the presentation.
The Mumbai-headquartered conglomerate also announced its aim to work with the O2C business to reduce its carbon footprint and become "net carbon zero" by 2035.
Its vision includes investing in developing renewable energy systems to meet energy demand and to speed up the transition from traditional carbon-based fuels to hydrogen.