Saudi Aramco Chairman to join Reliance Industries board team

Reliance industries limited on Thursday said that Saudi Aramco chairman Yasir- Al- Rumayyam will be joining the Indian Conglomerates board team.

Reliance has announced a sale of 20% stake in its oil to chemical business for over 15 billion dollars in 2019 to Aramco which is world’s top oil exporting firm. Harvard educated Mr Al-Rumayyan will be replacing Yogendra Trivedi who has expressed the desire for retirement

During the company’s 44th annual General meeting at arrival chief Mukesh Ambani said that, “We look forward to welcoming Saudi Aramco as a strategic partner”. He also stated that Reliance industries will be starting internationalization with more and more plans coming up in future.

He added, “We expect to formalize the partnership with this Saudi Aramco this year.” This deal is stalled after oil prices and demand crash last year due to the COVID-19.

Along with this the RIL chief Mukesh Ambani also said that Reliance has raised rupees 3,24,432 crore capital through equity sales in its JIO platform and retail, asset monetization and rights issue. Later in the meeting Reliance announced its plans to build the Giga factory and the upcoming JioPhone launch details.

After the end of the Annual General Meet, the share price of Reliance industries closed at 2,147.80 falling by 2.61% during the whole day.