The 43rd AGM of Reliance Industries had some interest points to note. The AGM has already sparked off huge expectations in the market. For example, markets were expecting RIL to make a bonus announcement, possibly in the ratio of 1:1, since the company is not too keen to do stock splits. . The markets awaited details on zero net-debt status of RIL.

There was not much in the AGM on the Jio IPO front. The real big question mark ahead of the AGM was the updated status of the Saudi Aramco deal for the O2C business. While RIL may have skipped the bonus discussion, there were enough decisive signals from the Board of RIL that the intent of the AGM was to shift RIL from old economy to new economy.

That leaves us with the question of what happens to the O2C or the Oil to Chemicals business of RIL. After all, it was O2C that was the cash cow financing telecom and digital foray of the group. There were some key signals here too. RIL announced plans to approach NCLT to hive off the O2C business into a separate entity, as a starting point.

RIL has also not shown too much keenness to negotiate the price for the 20% stake sale in the O2C business to Saudi Aramco. RIL is already on track to turn zero net-debt even without funds from Aramco as Jio and rights funds have come in. For now the old oil business stays but the hiving off of O2C means a stake sale in the near future.