Reliance Industries expects Saudi Aramco deal to formalise this year

BENGALURU: Reliance Industries Ltd said on Thursday it hopes to formalise its partnership with Saudi Aramco this year and its Chairman Yasir Al-Rumayyan will join the Indian conglomerate’s board as an independent director.

“Al-Rumayyan joining our board is also the beginning of internationalisation of Reliance,” Chairman Mukesh Ambani told shareholders on Thursday.

Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world’s top oil exporting firm.

However, the deal stalled after oil prices and demand crashed last year due to the pandemic.