Reliance reboots Aramco deal, to re-evaluate Saudi firm picking stake in O2C business
After missing two self-imposed deadlines, billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday announced recalibration of a proposed USD 15 billion deal to sell 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco, saying the two firms have agreed to re-evaluate the proposed investment in light of the Indian firm’s new energy forays.
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 USD 10 billion in alternative energy over three years.
