The proposed deal between Saudi Arabian legend oil company Saudi Aramco and Reliance has not progressed within the stipulated time period. On Wednesday, Reliance Industries Limited Chairman Mukesh Ambani has spoken this in the 43rd Annual General Meeting of RIL. In this meeting, Mukesh Ambani has said that due to the unprecedented situation in the Corona epidemic and the energy market, the deal with Aramco has not been able to go ahead within the stipulated time.
Mukesh Ambani has said in RIL's first virtual AGM that "the deal with Saudi Aramco has not progressed due to the Corona crisis and the unpredictable situation in the energy market." We import our two-decade relationship with Aramco Company and are committed to a long-term partnership. '
Chairman Mukesh Ambani further said in this regard, 'We have gone to NCLT with our proposal to make our oil trade in chemical business as a separate company associated. This will provide many opportunities to strengthen the partnership. We hope that this process will be completed by early 2021. However, the chairman of Reliance has not given any information about the new time period of this deal. In this deal, 20 percent of RIL was to be purchased for $15 billion, but this deal played a game-changing incident for the O2C business.
Reliance is approached by global companies for strategic partnerships in its petchem business. The potential partnerships will help Reliance build competitive manufacturing capacity to serve India’s demand for chemicals: Mukesh Ambani at #RILAGM #NayeIndiaKaNayaJosh
— Flame of Truth (@flameoftruth) July 15, 2020
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