Business

Reliance To Re-Evaluate Saudi Aramco's Stake In Oil-To-Chemicals Arm

Reliance To Re-Evaluate Saudi Aramco's Stake In Oil-To-Chemicals Arm

Reliance will re-evaluate its stake sale of oil-to-chemicals arm

Billionaire Mukesh Ambani-led Reliance Industries has withdrawn the application with the National Company Law Tribunal (NCLT) for segregating its oil-to-chemicals (O2C) business after it decided with Saudi Aramco to re-evaluate the stake sale of the O2C arm. The move came in light of the multinational conglomerate's new energy business plans and the ''evolving nature of its business portfolio'', according to a regulatory filing by Reliance Industries to the stock exchanges on Friday.

In August 2019, Reliance and Saudi Aramco signed a letter of intent for the latter to potentially acquire a 20 per cent stake in the oil-to-chemicals arm of the Ambani-led firm.

On Friday, November 19, shares of Reliance Industries settled 0.35 per cent higher at Rs 2,472.75 apiece on the BSE.