Reliance Industries and Saudi Aramco have decided to cancel their deal and re-evaluate it. Aramco was to buy a 20 percent stake in Reliance’s Oil to Chemical (O2C) business, but both have decided to cancel the deal in the changing environment.
In a statement issued late on Friday, Reliance said that the application filed by it in the NCLT to separate its oil to chemical business from the group’s other business has been withdrawn. has been taken. In fact, in view of the changing energy scenario, Reliance and Aramco have decided to cancel this deal.
Aramco was to buy 20 percent stake for 1.11 lakh crore
Reliance signed a letter of intent (LOI) in 2019. Under this, Aramco was to buy a 20 percent stake in Reliance’s oil to chemical business. Its total value was more than Rs 1.11 lakh crore. According to Reliance Industries, both the companies had done a lot of work in the last two years to move forward in this direction. Saudi Aramco had also done a lot of work to pursue this deal to buy a stake. Meanwhile, Reliance appointed Aramco chairman Yasser Ottman H. Al-Rumayan as independent director.
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Reliance invests $10 billion in new energy business
The news of stake sale talks was first officially revealed in August 2019. Meanwhile, in three years, Reliance has entered the new energy business by investing $10 billion in alternative energy. In view of this the deal is being re-evaluated.
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