Reliance Industries Ltd said it expects to formalise a deal to sell a 20 per cent stake in its oil to chemicals business to Saudi Aramco this year, Chairman Mukesh Ambani has said.
As a precursor to the finalisation of the stake sale, Reliance Industries has inducted Yasir Al-Rumayyan, Chairman of Saudi Aramco and the Governor of the Public Investment Fund, as an independent director on its board.
Ambani said that despite several challenges due to Covid-19, Reliance and Aramco have made substantial progress in discussions on the deal in the past year.
These discussions have been held in the spirit of mutual commitment to convert our long-standing relationship into an enduring partnership. I expect our partnership to be formalised expeditiously during this year, Ambani said, noting that the induction of Aramco as a strategic partner in the O2C business was an important part of the vision of achieving accelerated growth.