Reliance Industries expects Saudi Aramco deal to formalise this year
Reliance Industries Ltd said on Thursday it hopes to formalise its partnership with Saudi Aramco this year and its Chairman Yasir Al-Rumayyan will join the Indian conglomerate's board as an independent director, Trend reports with reference to Reuters.
"Al-Rumayyan joining our board is also the beginning of internationalisation of Reliance," Chairman Mukesh Ambani told shareholders on Thursday.
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.
However, the deal stalled after oil prices and demand crashed last year due to the pandemic.