Reliance Industries Ltd expects to get the necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit by Q2 of the next financial year, the company said in a presentation to investors on Monday.

Mukesh Ambani initiated the process of spinning-off the O2C business at a time when the COVID-19 pandemic caused a slump in fuel demand and weighed on the segment’s recent results.

Reliance would retain full control of the business after restructuring, the company said in the presentation.

RIL also aims to work with the O2C business to reduce its carbon footprint and become net carbon zero by 2035.

The conglomerates vision includes investing in developing renewable energy systems to meet energy demand and to speed up the transition from traditional carbon-based fuels to hydrogen.