Saudi Aramco Chairman and Governor of Kingdom Wealth Fund Public Investment Fund Yasir Al-Rumayyan may be inducted into the board of Reliance Industries.
Reliance Industries
A big announcement can be made in the 44th Annual General Meeting (AGM) of the country’s largest company Reliance Industries Limited (RIL) going to be held today. According to the report, the chairman of Saudi Aramco may be included in the RIL board. Saudi Aramco chairman and governor of Kingdom’s wealth fund Public Investment Fund Yasir Al-Rumayyan may be inducted into the board of Reliance Industries. It is a precondition of the $15 billion deal. It can be announced today at the AGM.
According to the report, may join the board of directors of Reliance Industries or the newly created Oil to Chemical (O2C) unit of the group. Let us tell you that Saudi is in talks to buy a 20 percent stake in Aramco’s oil to chemical business. The deal includes a 51 per cent stake in the oil retail business in the OTC business, apart from the refinery and petrochemical plants. Reliance had reported the value of O2C business at $75 billion in 2019.
There may be more big announcements
In this AGM, Reliance Industries chairman Mukesh Ambani can make big announcements today, in which the curtain can be lifted from Jio-Google’s 4G or 5G smartphone. Along with this, the company can also introduce many other products which include Jio laptop etc.
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