MUMBAI: Reliance Industries (RIL) and Saudi Aramco have decided to “re-evaluate” the latter’s proposed $15-billion investment in the Indian company’s oil-to-chemicals (O2C) business. Consequently, the country’s largest company by market value will pull out its application with the National Company Law Tribunal (NCLT) for segregating the O2C business from itself.
The re-evaluation follows RIL’s “evolving” energy business play, which includes its recent moves in solar power. It plans to make India a hub for low-cost solar manufacturing even as it targets to become net carbon zero by 2035. In a media release issued late Friday night, RIL said that, due to the evolving nature of its business portfolio, the company 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”.
