Reliance Aramco Deal

Last week, Reliance and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of Reliance due to valuation concerns.

The collapse of the deal reflects the changing global energy landscape as oil and gas companies shift away from fossil fuel to renewables.

Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the conglomerate due to valuation concerns, sources with knowledge of the matter said.

Aramco, the world's top oil exporter, signed a non-binding agreement to buy a 20 per cent stake in Reliance's O2C business for $15 billion in 2019.

Shares of Reliance Industries fell as much as 4.2 per cent to hit an intraday low of Rs 2,368.20 on the BSE on Monday as the country's largest firm decided to halt a stake sale in its oil-to-chemicals business (O2C) to Saudi Arabia's Aramco and pulled back from a potential spinoff of its most profitable unit.

Reliance also decided to withdraw the proposal filed before the National Company Law Tribunal (NCLT) to separate O2C business from the company.

After missing two self-imposed deadlines, billionaire Mukesh Ambani's Reliance Industries Ltd has shelved a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco for an asking of USD 15 billion.

Billionaire Mukesh Ambani-led Reliance Industries has withdrawn its application with the National Company Law Tribunal (NCLT) for segregating its oil-to-chemicals (O2C) business, following a mutual decision with Saudi Aramco to re-evaluate the stake sale of the O2C arm. The move came in light of Reliance's new energy business plans and the ''evolvi...

Reliance-Aramco Deal: A majority of Reliance's shareholders have passed the resolution to appoint Saudi Aramco Chairman Yasir Al-Rumayyan as an independent director

Reliance, which is backed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks, the people said.

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 o...

Reliance's shares fell in mid-July after Chairman Mukesh Ambani said a transaction had been delayed "due to unforeseen circumstances in the energy market and the Covid-19 situation."

On Wednesday, Reliance Chairman Mukesh Ambani had said the deal has not progressed according to plans due to the COVID-19 situation.

Trending stocks: Reliance Industries shares bounced back over 1 per cent, a day after shedding 4 per cent in wake of the 43rd and first-ever virtual annual general meeting.

Reliance Industries' shares declined 5% after Mr Ambani's announcement

Last week, Reliance and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of Reliance due to valuation concerns.

The collapse of the deal reflects the changing global energy landscape as oil and gas companies shift away from fossil fuel to renewables.

Reliance Industries and Saudi Aramco have called off a deal for the state oil giant to buy a stake in the oil-to-chemicals business of the conglomerate due to valuation concerns, sources with knowledge of the matter said.

Aramco, the world's top oil exporter, signed a non-binding agreement to buy a 20 per cent stake in Reliance's O2C business for $15 billion in 2019.

Shares of Reliance Industries fell as much as 4.2 per cent to hit an intraday low of Rs 2,368.20 on the BSE on Monday as the country's largest firm decided to halt a stake sale in its oil-to-chemicals business (O2C) to Saudi Arabia's Aramco and pulled back from a potential spinoff of its most profitable unit.

Reliance also decided to withdraw the proposal filed before the National Company Law Tribunal (NCLT) to separate O2C business from the company.

After missing two self-imposed deadlines, billionaire Mukesh Ambani's Reliance Industries Ltd has shelved a proposed deal to sell a 20 per cent stake in its oil refinery and petrochemical business to Saudi Aramco for an asking of USD 15 billion.

Billionaire Mukesh Ambani-led Reliance Industries has withdrawn its application with the National Company Law Tribunal (NCLT) for segregating its oil-to-chemicals (O2C) business, following a mutual decision with Saudi Aramco to re-evaluate the stake sale of the O2C arm. The move came in light of Reliance's new energy business plans and the ''evolvi...

Reliance-Aramco Deal: A majority of Reliance's shareholders have passed the resolution to appoint Saudi Aramco Chairman Yasir Al-Rumayyan as an independent director

Reliance, which is backed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks, the people said.

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 o...

Reliance's shares fell in mid-July after Chairman Mukesh Ambani said a transaction had been delayed "due to unforeseen circumstances in the energy market and the Covid-19 situation."

On Wednesday, Reliance Chairman Mukesh Ambani had said the deal has not progressed according to plans due to the COVID-19 situation.

Trending stocks: Reliance Industries shares bounced back over 1 per cent, a day after shedding 4 per cent in wake of the 43rd and first-ever virtual annual general meeting.

Reliance Industries' shares declined 5% after Mr Ambani's announcement