Reliance Industries Ltd (RIL) is pursuing the deal with Saudi Aramco under which the Saudi Arabia energy giant is expected to pick up a 20 per cent stake in RIL’s oil-to-chemicals business for $15 billion based on an enterprise valuation of $ 75 billion.
In a letter to shareholders in the company’s annual report for 2019-20, RIL chairman Mukesh Ambani said: “In the energy businesses, Reliance is working to complete the contours of a strategic partnership with Saudi Aramco. The partnership gives our refineries access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for a higher oil-to-chemicals conversion.”
