‘Aramco deal has not progressed as planned’

Mumbai: RIL NSE -0.31 %’s plan to sell stake in its oil-to-chemicals business to Saudi Aramco has “not progressed” as envisaged “due to unforeseen circumstances in the energy market”, said chairman Mukesh Ambani at the company’s annual shareholder meeting. The urgency to conclude the transaction with Saudi Aramco has eased as RIL’s “equity requirements have already been met”.

While Ambani didn’t give any new timeline for the completion of the deal with Saudi Aramco, the chairman said RIL has been “approached by global companies for strategic partnerships in the petrochemical business”. He, however, didn’t name any company.