Reliance Industries Ltd (RIL) and Saudi Aramco have decided to drop the latter’s mega plan to acquire 20 per cent stake in RIL’s oil-to-chemical business “in light of the changed context”.
“The current application with NCLT for segregating the O2C business from RIL is being withdrawn,” RIL said in a late-night announcement on Friday.
“RIL and 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,” RIL said.
