The National Company Law Tribunal (NCLT) has approved an application filed by Reliance Industries Ltd (RIL) to withdraw the plan to demerge its oil-to-chemicals (O2C) business into a separate unit, drawing the curtains on a strategy aimed at inducting Saudi Aramco as a stakeholder in the new unit.

In November, the Mukesh Ambani-led firm and the world’s biggest oil producer “mutually” called off more than two years of talks to sell a 20 per cent stake in its O2C business for $15 billion, rendering the demerger plan redundant.

RIL planned to carve out the most valuable part of its business into a separate unit — Reliance O2C Ltd — with assets worth $42 billion to be funded by a long-term interest-bearing loan of $25 billion by RIL to O2C along with equity of $12 billion.

The Mumbai bench of NCLT approved the withdrawal of the O2C scheme on December 3, RIL said in a filing to the stock exchange.

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