USD 15 bn Reliance-Aramco deal off, cos re-evaluate
After missing two self-imposed deadlines, billionaire Mukesh Ambani’s Reliance Industries Ltd has shelved a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco for an asking of USD 15 billion as the Indian firm focuses on new energy business.
“Due to 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,” the Indian firm said late Friday, adding that it will continue to be Saudi Aramco’s “preferred partner” for investments in India’s private sector.
