"Delighted To Welcome Saudi Aramco Chairman On Reliance Industries Board", Mukesh Ambani said at the 44th Annual General Meeting of Reliance Industries, while announcing that Yasir Al Rumayyan will join the board as independent director. Yasir Al-Rumayyan is the chairman of Saudi Aramco and Governor of the Kingdom's wealth fund, Public Investment Fund.This is the second year in a row that the annual event was held virtually due to the Covid-19 outbreak.
"He (Yasir Al Rumayyan) is one of the most renowned names in energy finance and technology globally. I am sure that we will immensely benefit from his rich experience with one of the world's largest companies, and also one of the largest Sovereign Wealth Funds in the world," Mr Ambani said.
Yasir Al Rumayyan's induction onto the Reliance Board is the beginning of internationalisation of Reliance Industries, Mr Ambani added.
The induction of Yasir Al-Rumayyan into the board of Reliance Industries is likely to pave the way for a deal between the two petrochemical giants. Mukesh Ambani had announced, at the AGM in 2019, that Reliance Industries was discussing the sale of 20 per cent stake in the oil-to-chemicals (O2C) business to Aramco, the world's largest oil exporter. Reliance's O2C business comprises oil refineries at Jamnagar in Gujarat and its petrochemical assets. The deal was due to conclude by March 2020, but hasn't taken place as yet.
Meanwhile, Mukesh Ambani laid the roadmap for clean energy business by announcing an investment of Rs 60,000 crore in renewable energy production. Reliance Industries will set up four facilities viz. integrated solar photovoltaic giga factory, advanced energy storage giga factory, electrolyser giga factory and fuel cell giga factory. The entire infrastructure will come up in Gujarat's Jamnagar in order to make Gujarat and India a hub of solar energy, Mr Ambani said.
