Reliance recently introduced Aramco President Yasir Al-Rumayyan to its board.
New Delhi: Shares of Reliance Industries fell 4.2% in early trading on Monday as India’s largest company decided to stop selling a stake in its oil-chemicals (O2C) business to Saudi Arabia’s Aramco. Saudi Arabia and withdraw from a potential sale of the most profitable unit. .
Over the past two years, the Indian conglomerate owned by billionaire Mukesh Ambani has been in the process of selling a 20% stake in the oil business for about $15 billion to Aramco and turning it into a separate entity. , while reforming it in an effort. towards renewable energy.
The company has remained net debt-free since June of last year. Analysts at Jefferies said the cancellation of the deal had no effect on Reliance’s balance sheet but was disappointing as it missed the opportunity to establish a $75 billion valuation for the O2C business. .
Reliance recently inducted Aramco President Yasir Al-Rumayyan on its board amid protests from the California Teachers Retirement Fund. Al-Rumayyan’s appointment, initially seen as part of the process of formalizing the share sale, was later said to be unrelated to the deal.
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