New Delhi: After missing two self-set deadlines, billionaire Mukesh Ambani’s Reliance Industries Ltd on Friday announced renegotiated a proposed USD 15 billion deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco.
It added that the two firms have agreed to re-evaluate the proposed investment in light of the Indian firm’s new energy efforts.
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The stake sale talks, which first came to light officially in August 2019, are being reset in the light of Reliance entering new energy business in recent months by investing USD 10 billion in alternative energy over three years. Is.
To move towards green energy, it has already bought a German manufacturer of photovoltaic solar wafers and signed an agreement with a Danish company to manufacture hydrogen electrolysers in India.
“Due to the 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 the O2C business in light of the changed context,” the Indian firm said in a statement. said in. Statement.
Also, the application with the NCLT for demerger of the oil-to-chemical (O2C) business is being withdrawn, Reliance said.
It was further stated that RIL “will continue to be Saudi Aramco’s preferred partner for private sector investment in India and will cooperate with Saudi Aramco and SABIC for investment in Saudi Arabia”.
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