In fact, in August 2019, Mukesh Ambani had announced talks about selling 20 percent stake in the oil and chemicals business (O2C) to the world’s largest oil exporting company.
Reliance Industries Chairman Mukesh Ambani
Mukesh Ambani, chairman of Reliance Industry and the country’s richest man, focused his business on digital in the Corona era last year. The advantage of which was that the company established a new dimension in the digital sector through Jio. Now Mukesh Ambani is once again busy in strengthening his old business i.e. oil refining and petrochemical business.
As part of this, Mukesh Ambani’s company Reliance Industries may have negotiated a cash and share deal with Saudi Aramco for the sale of a 20 percent stake in the oil refining and petrochemicals unit. According to a report, the company has once again started talks with Saudi Aramco.
Announcement was made in 2019
In fact, in August 2019, Mukesh Ambani had announced talks about selling 20 percent stake in the oil and chemicals business (O2C) to the world’s largest oil exporting company. The business includes two oil refineries and petrochemicals assets in Jamnagar, Gujarat. The deal was to be completed by March 2020 but it was delayed. However, the official announcement of why this deal was delayed was never made.
Conversation with Saudi Aramco started again
Now once again the news is coming, the negotiations with Reliance on the pending deal of Saudi Aramco are going on again. The English newspaper Financial Times quoted sources as saying that talks between the two sides have started in recent weeks. It added that Saudi Aramco was initially considering shares for stake and cash payments in a phased manner later in several years. The ratio of share to cash remains a matter of discussion and the terms are yet to be finalized. If this deal becomes final and there is scope to create new possibilities in the petrochemical and chemical business with Reliance for the country as well.
read this also: Gold rate today: Gold’s brightness rises amid the fall in the dollar, know the latest price of 10 grams of gold
read this also: Share Market: Sensex rises by 510 points; shares of heavyweights such as Reliance and Maruti surge