RIL decides to re-evaluate proposed investment in Saudi Aramco

RIL decides to re-evaluate proposed investment in Saudi Aramco

The deal between Reliance Industries (RIL) and Saudi Aramco to acquire 20 per cent stake by a Saudi firm in RIL’s Oil to Chemicals (O2C) business is now on hold.

“Due to the evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial to both parties to reevaluate the proposed investment in the O2C business in the light of the changed context. As a result, with the National Company The present application to the Law Tribunal (NCLT) for separation of O2C business from RIL is being withdrawn,” RIL said in a statement on Friday night.

The two had signed a non-binding letter of intent in August 2019 for a possible deal.

On Friday, RIL said that Jamnagar, which houses a major chunk of O2C assets, is envisaged to be a hub for Reliance’s new businesses in renewable energy and new materials, backing its net-zero commitment.

RIL said it has recently unveiled its plans for new energy and materials businesses by announcing the development of the Dhirubhai Ambani Green Energy Giga Complex in Jamnagar.

RIL also said that it will continue to be Saudi Aramco’s preferred partner for private sector investments in India and will collaborate with Saudi Aramco and SABIC for investments in Saudi Arabia.

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