After missing two self-imposed deadlines, billionaire Mukesh Ambani’s Reliance Industries Ltd has shelved a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco for an asking of $15 billion, saying its energy portfolio has undergone changes with the foray into new energy business which would require re-evaluation of the deal.
The stake sale talks, which were first officially revealed in August 2019, are being reset in light of Reliance making forays into new energy business in recent months by investing $10 billion in alternative energy over three years.
