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After digital, Mukesh Ambani, once again busy focusing on old business, is a matter of Saudi Aramco deal

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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.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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