- Reliance to set up specialized company for oil and chemical business
- After Geo, Reliance may attract investment, including in the petroleum company
- Foreign investment is likely to be made in the new branch, including Saudi Aramco
There were reports that the company would accept investments, including from Saudi Aramco.
Apart from digital, retail and branches, the company aims to have a significant presence in the oil and energy sector. The restructuring of the business is said to be aimed at the independent growth of the company.
Reliance had suspended talks with Aramco last year due to the Kovid-19 epidemic. But the argument for a business restructuring that could include Aramco is strong.
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In 2019, talks were held on the sale of a 20 per cent stake in the oil-chemical business, which includes the twin oil refineries and petrochemical assets in Jamnagar, Gujarat, to Saudi Aramco, the world’s largest oil exporter.
The agreement was to end the contract by March 2020, but was delayed due to the corona virus crisis. In his annual report, Mukesh Ambani had said that crucial talks were being held between RIL and Saudi Aramco.