Reliance Industries had made the stake sale announcement in the year 2019, but the deal was stalled as oil prices and demand crashed last year due to the pandemic.
Over the past years, Reliance Industries segregated its businesses into separate verticals - Jio Platforms houses the company's digital and telecom unit, retail is a separate unit, and oil refining and petrochemical segments were carved into the O2C vertical to attract strategic partnerships.
"Our O2C business faced unprecedented challenges by severe economic contraction at the beginning of year. Yet we were probably the only company globally that operated at near full capacity and was profitable in every quarter," Mr Ambani added.
Speaking about Yasir Al Rumayyan, Mukesh Ambani said he was "delighted to welcome Saudi Aramco chairman on Reliance Industries board." Yasir Al-Rumayyan is the chairman of Saudi Aramco and Governor of the Kingdom's wealth fund, Public Investment Fund. The Harvard educated Al-Rumayyan, aged 51, will replace Yogendra P Trivedi, 92, who has expressed desire to retire, Mr Ambani said.
"He (Yasir Al Rumayyan) is one of the most renowned names in energy finance and technology globally. I am sure that we will immensely benefit from his rich experience with one of the world's largest companies, and also one of the largest Sovereign Wealth Funds in the world," Mr Ambani emphasized and added that Yasir Al Rumayyan's induction onto the Reliance Board is the beginning of internationalisation of Reliance Industries.
Public Investment Fund has invested heavily into Reliance Industries ventures in the recent past. In June last year, PIF bought a 2.32 per cent stake in RIL's digital unit Jio Platforms for Rs 11,367 crore. Five months later, it picked up a 2.04 per cent stake in RIL's retail venture for Rs 9,555 crore. Public Investment Fund has also invested Rs 3,779 crore in an infrastructure investment trust, Digital Fibre Infrastructure Trust, which holds RIL's fibre-optic assets.
Meanwhile, Mukesh Ambani laid the roadmap for clean energy business by announcing an investment of Rs 60,000 crore in renewable energy production. Reliance Industries will set up four facilities viz. integrated solar photovoltaic giga factory, advanced energy storage giga factory, electrolyser giga factory and fuel cell giga factory.
Reliance Industries also announced an investment of Rs 15,000 crore in value chain, partnerships and future technologies, including upstream and downstream industries.
On the digital technology front, Mukesh Ambani said that Google and Reliance Industries are developing JioPhone Next and this will be availabe from September 10 this year. Jio is also working on 5G trials and will collaborate with Google Cloud in this regard, Mr Ambani added.
Referring to Reliance's industry's retail business, Mukesh Ambani said that Reliance Retail is on a hyper-growth trajectory to grow at least 3x in the next 3-5 years and Jio is doing a trial run with Facebook to integrate JioMart with WhatsApp.
Reliance Industries will complete the $15 billion oil deal with Aramco this year, Mukesh Ambani said at the 44th Annual General Meeting of Reliance Industries. The announcement came in wake of the induction of Yasir Al Rumayyan onto the board of Reliance Industries as an independent director. Reliance Industries will sell 20 per cent stake in its oil-to-chemicals business, comprising oil refineries at Jamnagar in Gujarat and petrochemical assets, to the world's largest oil exporter.