Aramco chief to be first foreigner on RIL board
MUMBAI: Reliance Industries (RIL) will appoint Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of the Kingdom’s wealth fund, to its board as an independent director. He will be the first foreigner on the company’s board, which, according to chairman Mukesh Ambani, will be the “beginning of internationalisation of Reliance”.
Al-Rumayyan’s appointment is a precursor to Aramco finalising its investment in RIL’s oil-to-chemicals (O2C) business. Two years ago, Ambani announced to RIL shareholders that Aramco will acquire a 20% stake in RIL’s O2C unit for $15 billion. As part of the deal, Aramco will get one seat on the board of RIL and will have the right to appoint its executives in key managerial positions in the O2C unit.
