...February 23, 2021 SINGAPORE (S&P Global Ratings) Feb. 23, 2021--S&P Global Ratings said today that Reliance Industries Ltd.'s (RIL) spin-off of its oil-to-chemicals (O2C) segment into a wholly owned subsidiary can facilitate strategic partnerships and capital raising. RIL's O2C segment includes oil refining, marketing, and petrochemicals. These assets will be transferred to a new entity, which will issue a long-term interest-bearing debt of about US$25 billioin to RIL in return. There are no plans to transfer RIL's external debt to the new entity. As such, the spin-off will not affect our ratings on the company (###+/Stable/--) or its bonds. Although the proposal has been approved by the Securities and Exchange Board of India as well as the stock exchanges in India listing RIL's securities, the approval for the O2C spin-off is pending approval by the National Company Law Tribunal. Under the proposal, RIL has committed to maintaining a majority stake in the new entity. We do not foresee...
