Reliance Industries Ltd’s plan to sell a 20 per cent stake in its oil to chemicals business to Saudi Aramco for $15 billion is unlikely to go through with chairman Mukesh Ambani saying that the firm will look at multiple strategic partners when it is spun off into a separate subsidiary with the approval of the NCLT.

Ambani said that the deal with Aramco has not progressed as per the original deadlines but added that the company has been approached by multiple strategic partners to invest in the oil to chemicals unit.

RIL signed a non-binding letter of intent with the Saudi oil company in August last year to sell a 20 per cent stake in the oil to chemicals business of Reliance Industries for as much as ₹1.03 lakh crore or roughly $15 billion.

As per the Scheme of Arrangement, Reliance will transfer the O2C business of the company to Reliance O2C Limited as a going concern on slump sale basis for a lump sum consideration equal to the income tax net worth of the O2C Undertaking as on the appointed date of the Scheme.

The O2C undertaking of the company comprises the entire oil-to chemicals business of the company including refining, petrochemicals, fuel retail and aviation fuel (majority interest only) and bulk wholesale marketing businesses together with its assets and liabilities.

The Scheme is subject to necessary statutory/regulatory approvals under applicable laws including approval of National Company Law Tribunal (NCLT), Reliance said.