Mukesh Ambani-led Reliance Industries Ltd (RIL) and Saudi Aramco on Friday decided to re-evaluate the proposed Investment by Aramco in the O2C business. Hence, the application with NCLT for segregating O2C business from RIL is being withdrawn, the company said in a statement.
An official release stated, “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. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn.”
RIL added, “The deep engagement over the last two years has given both Reliance and Saudi Aramco a greater understanding of each other, providing a platform for broader areas of cooperation. Saudi Aramco and Reliance are deeply committed to creating a win-win partnership and will make future disclosures as appropriate.”
RIL will continue to be Saudi Aramco’s partner for investments in the private sector in India and will collaborate with Saudi Aramco and SABIC for investments in Saudi Arabia.
“Saudi Aramco and RIL have a very deep, strong and mutually beneficial relationship, that has been developed and nurtured by both companies over the last 25 years. Both companies are committed to collaborate and work towards strengthening the relationship further in the years ahead,” RIL stated.
Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter.
Never miss a story! Stay connected and informed with Mint.
our App Now!!