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Saudi Aramco Agent Yasir Al-Rumayyan May Be On Reliance Industries Board, Reports Suggest

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Mukesh Ambani had in August 2019 announced talks for sale of a 20 percent stake in O2C businessNew Delhi: Saudi Aramco chairman and Governor of the Kingdom's wealth fund Public Mutual fund (PIF) Yasir Al-Rumayyan is most likely to be inducted on the board of Reliance Industries, leading the way for a deal in between the two petrochemical giants.

Mr Al-Rumayyan may either be inducted on the board of Reliance Industries or that of the freshly carved oil-to-chemical (O2C) subsidiary at the upcoming annual investors (AGM) conference set up on June 24, sources informed TheIndianSubcontinent.Mukesh Ambani had revealed, at the AGM in 2019, that Reliance Industries was going over the sale of 20 percent stake in the oil-to-chemicals (O2C) company to Aramco, the world's largest oil exporter.

Reliance's O2C business consists of oil refineries at Jamnagar in Gujarat and its petrochemical properties.

The offer was due to conclude by March 2020, however hasn't happened as yet.

The 2 companies have not yet divulged the factors for the delay.Talks have actually resumed this year and the two business are supposedly talking about a money and share deal.

Under the proposed offer, Aramco would initially pay for the stake purchase through shares and then make staggered money payments over a period of numerous years.Reliance Industries' oil-to-chemicals organization makes up refineries and petrochemical plants, in addition to a 51 percent stake in the fuel selling service.

It, nevertheless, does not consist of the upstream oil and gas producing assets such as the KG-D6 block in Bay of Bengal.Reliance Industries recently revealed taking the O2C company as a different subsidiary, on the lines of Jio Platforms and Reliance Retail, to support tactical collaborations and brand-new investors.

Jio Platforms, the subsidiary of Reliance Industries, owns the digital organization and Reliance Retail holds the offline and online retail businesses.The offer, if and when it emerges, would be a great deal for both Reliance Industries and Aramco, according to experts.

The cash inflows from the stake sale will assist Reliance Industries to make larger investments in the competitive retail space.

Aramco, on its part will not just have a stake in among the world's best refineries, but will also have access to a fast-growing market.Expectations are developing ahead of the AGM.

Reliance Industries is likely to supply some updates on Saudi Aramco offer and announce a brand-new mobile phone in collaboration with Google, in addition to the possible induction of Saudi Aramco's chairman onto the board of Reliance Industries.In the past, the AGMs has been an event for brand-new investors to join the digital and retail organizations of Reliance Industries.




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