NEW DELHI: Reliance Industries Ltd (RIL) and Saudi Aramco on Saturday mutually decided to re-evaluate the proposed $15 billion investment by Aramco in the oil-to-chemical (O2C) business in the light of Reliance’s forays into the energy sector. The firm, in a statement informed that it is also withdrawing the application with NCLT for segregating O2C business from RIL.
“Due to the evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context,” said RIL in a statement.
