Brokerages have given mixed views to Reliance Industries (RIL) shelving a proposed plan to sell a 15 per cent stake in its oil-to-chemical business to Saudi Aramco. This comes even as the Saudi oil giant said on Sunday that it will continue to look for investment opportunities in India.
Analysts at Credit Suisse said the development is a negative surprise.
“We expected several synergy benefits from the stake sale. RIL’s procurement from Saudi Aramco could have increased…it could have also provided Reliance with access to technology for its chemical business and help boost oil to chemicals conversion to 75 per cent,” Nomura said in a note.
