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Business News
Reliance and Saudi Aramco decide to review O2C deal
New Delhi, Billionaire Mukesh Ambani-controlled Reliance Industries Ltd (RIL) on Friday said that the company and Saudi Aramco have mutually decided to re-evaluate the proposed investment in O2C (Oil to Chemical) business.
Consequently, the current application with National Company Law Tribunal (NCLT) for segregating the O2C business from RIL is being withdrawn, oil to telecom conglomerate said in a statement.
"Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn," said RIL in the official statement said.
It further said that RIL would continue to be Saudi Aramco’s preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco & SABIC for investments in Saudi
Arabia.
RIL and Saudi Aramco had signed a non-binding Letter of Intent in
August 2019 for a potential 20% stake acquisition by Saudi Aramco in the O2C business of Reliance.
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INTERNATIONAL NEWS
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NATIONAL NEWS
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