Saudi Aramco chairman to join Reliance Industries board
Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world’s top oil exporting firm.
“We look forward to welcoming Saudi Aramco as a strategic partner,” RIL chief Mukesh Ambani said during the company’s 44th annual general meet (AGM).
“We expect to formalise the partnership with Saudi Aramco this year,” he added.
However, the deal had stalled after oil prices and demand crashed last year due to the pandemic.
Separately, the RIL chief said that Reliance has raised Rs 3,24,432 crore capital through equity sale in Jio Platform and retail, rights issue, asset monetisation.