Reliance Industries has defended its decision to appoint Saudi Aramco chairman Yasir Al-Rumayyan as an independent director, stating that there was “no connection” between the appointment and the stake sale talk between the two companies.
The appointment meets all regulatory criteria, the Indian conglomerate said in a statement to the stock exchanges on Wednesday. This came in response to a proxy advisory firm that had questioned the appointment citing RIL NSE -0.33 %’s talks with Saudi Aramco for a potential sale of stake in its oil-to-chemicals (O2C) business.
