The board of directors of Reliance Industries Ltd. (RIL) has unanimously approved the scheme for a demerger of the businesses of the company, which had been proposed in June.

The Scheme of Demerger, as approved by the board, is subject to such approvals as may be required including that of the Stock Exchanges, Mumbai High Court and shareholders' approvals.

RIL is India's largest private sector company on all major financial parameters with turnover of Rs 73,164 crore ($16.7 billion), cash profit of Rs 12,087 crore ($2.8 billion), net profit of Rs 7,572 crore ($1.7 billion) and net worth of Rs 40,403 crore ($9.2 billion).