Reliance Shelves $15 Billion Deal With Saudi Aramco, To Re-Evaluate: Report
NDTV
Reliance also decided to withdraw the proposal filed before the National Company Law Tribunal (NCLT) to separate O2C business from the company.
After missing two self-imposed deadlines, billionaire Mukesh Ambani's Reliance Industries Ltd has shelved a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco for an asking of $15 billion as the Indian firm focuses on new energy business.
"Due to evolving nature of Reliance's business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context," the Indian firm said late Friday, adding that it will continue to be Saudi Aramco's "preferred partner" for investments in India's private sector.
Ambani had in company's annual general meeting of shareholders in August 2019 announced talks to sell a 20 per cent in the oil-to-chemicals (O2C) business, which comprises its twin oil refineries at Jamnagar in Gujarat, petrochemical assets and 51 per cent stake in fuel retailing joint venture with BP, to the world's largest oil exporter.
At that time, he had announced the deal would close by March 2020. The deadline was missed and the company blamed pandemic controlling restrictions, imposed towards the end of March 2020, for hampering due diligence.
