{"id":451225,"date":"2021-11-23T10:09:00","date_gmt":"2021-11-23T04:39:00","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=451225"},"modified":"2021-11-23T10:28:59","modified_gmt":"2021-11-23T04:58:59","slug":"reliance-drops-after-slamming-brakes-on-15-billion-aramco-deal","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/reliance-drops-after-slamming-brakes-on-15-billion-aramco-deal\/","title":{"rendered":"Reliance drops after slamming brakes on $15-billion Aramco deal"},"content":{"rendered":"<p>Shares of Reliance Industries fell 4.2% on Monday as India\u2019s largest firm halted a stake sale in its oil-to-chemicals business to Saudi Arabia\u2019s Aramco and pulled back from a potential spinoff of its most profitable unit.<\/p>\n<p>The move to monetize its oil business two years ago by selling a 20% stake for roughly $15 billion to the world\u2019s biggest oil exporter was part of its plan to cut the overall debt, which stood at 2,882.43 billion rupees ($41.8 billion).<\/p>\n<p>But over the last two years, while the due diligence was on, Reliance became net-debt free by selling stakes at its digital unit Jio Platforms to global companies, including Meta Platforms Inc and venture capital arms of chipmakers Intel Corp and Qualcomm.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of Reliance Industries fell 4.2% on Monday as India\u2019s largest firm halted a stake sale in its oil-to-chemicals business to Saudi Arabia\u2019s Aramco and pulled back from a potential spinoff of its most profitable unit. The move to monetize its oil business two years ago by selling a 20% stake for roughly $15 billion to the world\u2019s biggest oil exporter was part of its plan to cut the overall debt, which stood at 2,882.43 billion rupees ($41.8 billion). But over the last two years, while the due diligence was on, Reliance became net-debt free by selling stakes at its [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130],"tags":[],"class_list":["post-451225","post","type-post","status-publish","format-standard","hentry","category-newspapers"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/451225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=451225"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/451225\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=451225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=451225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=451225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}