News Headlines

 RIL gets SEBI approval to hive off O2C business into independent subsidiary
Mukesh Ambani-controlled Reliance Industries Limited (RIL), which has proposed hiving
off its oil to chemicals (O2C) business into an independent subsidiary, on Tuesday said it had
received an approval from the Securities and Exchange Board of India (Sebi) and stock
exchanges to create this subsidiary.
The company now requires the approval of equity shareholders and creditors, regulatory
authorities, and the income-tax authority, besides the National Company Law Tribunals
(NCLTs) in Mumbai and Ahmedabad. RIL said the approval process had commenced and
was expected to be completed by the second quarter of the 2021-22 financial year.
In a presentation to investors on Tuesday, RIL said that the creation of this subsidiary would
facilitate value creation through strategic partnerships and attract dedicated pools of investor
capital. The ongoing talks with Aramco for a stake sale in RIL were also mentioned in this
presentation. When finalised, the deal is expected to be one of the largest downstream
transactions in India.
 Aurobindo Pharma acquire 26% stake each in 2 solar power firms
Aurobindo Pharma on Tuesday said it has inked a pact to acquire 26% stake each in two
Hyderabad-based solar power generating companies.
The drug firm has entered into binding agreements to invest ₹5.38 crore each in NVNR
(Ramannapet I) Power Plant Pvt Ltd and NVNR (Ramannapet II) Power Plant Pvt Ltd,
aggregating to ₹10.76 crore, Aurobindo Pharma said in a regulatory filing.

References
 https://www.eqmagpro.com/aurobindo-pharma-acquire-26-stake-each-in-2-solar-
power-firms/#:~:text=NEW%20DELHI%20%3A%20Aurobindo%20Pharma
%20on,based%20solar%20power%20generating%20companies.&text=The
%20company%20has%20invested%20in,of%20solar%20power%2C%20it%20added.
 https://www.business-standard.com/article/companies/ril-gets-sebi-approval-to-hive-
off-o2c-business-into-independent-subsidiary-121022300512_1.html#:~:text=Mukesh
%20Ambani%2Dcontrolled%20Reliance%20Industries,exchanges%20to%20create
%20this%20subsidiary.
 https://www.newswrapindia.com/ril-gets-sebi-approval-to-hive-off-o2c-business-into-
independent-subsidiary/.html