Reliance Industries, Saudi Aramco to re-evaluate proposed investment deal in O2C business
· Reliance Industries on Friday said that it had decided with Saudi Aramco to reevaluate the oil giant’s proposed roughly $15 billion investment in Reliance’s oil-to-chemicals (O2C) business. The 20 percent stake sale in the unit was announced in 2019, but was delayed as oil prices and demand crashed last year due to the pandemic.
· 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,” RIL said in a statement on Friday.
· Mukesh Ambani-owned conglomerate added Jamnagar happens to be at the “centre” of its strategy to become a net carbon zero company.
· Reliance is also withdrawing its application filed with the National Company Law Tribunal for segregating the O2C business.
· Over the past two years, both firms made significant efforts in the process of due diligence, despite the COVID-19 restrictions. This has been possible due to the mutual respect and long-standing relationship between the two organisations, Reliance said in a statement.
