India’s Reliance ditches US$15 billion Saudi Aramco deal


Reliance says due to its evolving portfolio of businesses, the company and Saudi Aramco have ‘mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment’. – EPA pic, November 20, 2021.

INDIA’S Reliance oil-to-telecoms giant is abandoning a US$15 billion (RM62.3 billion) deal for Saudi Aramco to buy a 20% stake in its oil refining and chemicals unit, it said, as the firm pivots towards renewable energy.

The deal was announced more than two years ago by Reliance chairman Mukesh Ambani, Asia’s richest man, and touted as the biggest foreign investment in the conglomerate’s history.


Effective July 2018, access to full reports will only be available with a subscription. Sign-up now and enjoy one (1) week free access!

Subscribe Now!


Sign up or sign in here to comment.


Comments