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RIL, Bharti Airtel, Bharat Forge in spotlight

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Reliance Industries (RIL) today, 23 February 2021 said that it is carving out its Oil-to-Chemicals (O2C) business into an independent subsidiary. RIL said it will retain 100% management control of the new subsidiary. All of its refining, marketing and petrochemical assets will be transferred to the O2C subsidiary. RIL said that the promoter group will continue to hold a 49.14% stake in the O2C business after the reorganisation and that the process will result in no change in shareholding of the company.

Bharti Airtel will meet global fixed income investors on or after 23 February 2021, following which and subject to market conditions, the company will take a final decision with respect to the issuance of foreign currency bonds/ notes ('Issuance') and a deal may or may not follow. Accordingly, subject to such final decision, a duly authorized Special Committee of Directors may meet anytime on or after two working days to consider the Issuance and its detailed terms and conditions.

Bharat Forge and Paramount Group announced a cooperation that will see them join the technologies, capabilities and expertise of both groups in order to manufacture Armoured Vehicles in India. APL Apollo Tubes said that the company has allotted commercial paper worth Rs 75 crore to ICICI Prudential Ultra Short Term Fund.

IRB Infrastructure Developers said its board of directors has approved the allotment of unlisted, unrated, secured, redeemable, nonconvertible debentures aggregating to Rs 2,184.55 crore on a private placement basis to India Toll Roads.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, February 23 2021. 08:40 IST
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