Mukesh Ambani-led Reliance Industries Ltd (RIL) has ditched a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco.
“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,” RIL.
However, the statement added that it will continue to be Saudi Aramco’s preferred partner for investments in India’s private sector.
But the deadline was missed and the company blamed pandemic-induced restrictions.
In 2021 also, Mukesh Ambani said that the deal would close by the end of this year.
New energy forays were also announced. It is worth mentioning here that Aramco would have got an entry into one of the world’s fastest-growing fuel markets with RIL in India.
Aramco already has an equity stake in China’s largest O2C project in Zhejiang. It also has a fuel retailing joint venture with Sinopec operating 1,000 retail outlets.
But O2C does not include upstream oil and gas producing assets like the KG-D6 block in the Bay of Bengal.
Earlier, there were reports that Mukesh Ambani and his family are relocating to London but these were turned down by the family.
As per Reliance Industries, Mukesh Ambani has no plan to relocate to London or anywhere else in the world.
Now as the economies are opening up again, the oil prices are starting to rally once again. Now, what would be their future strategy remains a big question?
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