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Reliance Industries resumes work on deal with Saudi Aramco

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Reliance Industries resumes work on deal with Saudi Aramco

New Delhi, Nov 19 (PTI) Billionaire industrialist Mukesh Ambani’s Reliance Industries Ltd (RIL) has announced a revaluation of a proposed $15 billion deal to sell 20 per cent stake in its oil refinery and petrochemical business to Saudi Arabian firm Saudi Aramco. Is. Prior to this, Reliance Industries has missed the self-determined deadline twice for this deal.

Reliance Industries on Friday said both the companies have agreed to re-evaluate the proposed investment in view of the Indian firm’s entry into new energy business.

The news of stake sale talks was first officially revealed in August 2019. Meanwhile, Reliance entered the new energy business by investing $10 billion in alternative energy in three years. In view of this the deal is being re-evaluated.

RIL said in a statement, “Due to the evolving nature of the company’s business portfolio, Reliance and Saudi Aramco have mutually decided that O2C (from oil to chemicals) business in view of the changed context for both the parties.” It would be beneficial to re-evaluate the proposed investment in

Reliance said that at the same time the application made before the National Company Law Tribunal (NCLT) for demerger of O2C business is being withdrawn.

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