RIL withdraws NCLT application for O2C hiveoff, to start fresh talks with Saudi Aramco for stake sale

Reliance Industries has dropped plans to hive off its oil-to-chemicals (O2C) business, intended as part of a potential stake sale to Saudi Aramco, making way for fresh negotiations between the two companies.

RIL NSE 0.38 % said the company will continue to be Saudi Aramco’s preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco and SABIC for investments in Saudi Arabia.