Tag: saudi aramco

Reliance Industries (RIL) share price fell 4 percent in early trade on November 22 after the company and Saudi Aramco decided to re-evaluate the proposed investment in the O2C business in light of the former's energy forays. The two companies had signed a non-binding letter of intent in August 2019 for a potential sale of a 20 percent stake in RIL’s O2C business to Saudi Aramco for $15 billion. With today’s intra-day fall, the stock of RIL has declined 14 percent from its record high level of Rs 2,750 touched on October 19, 2021. 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 Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn, RIL said in a statement. Read more

RIL shares were up nearly 3 percent at Rs 2,202 on the BSE in intra-day trade today(16th August 2021) on a report that Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in the company’s oil refining and chemicals (O2C) business. The stock of the Mukesh Ambani-led RIL was trading at its highest level since June 24, 2021. It had hit a record high of Rs 2,368.80 on September 19, 2020. The Middle Eastern energy firm is discussing the purchase of roughly 20 percent stake in the Reliance unit for about $20 billion to $25 billion in Aramco’s shares, Bloomberg reported quoting the people with knowledge of the matter. RIL could reach an agreement with Aramco as soon as the coming weeks, the report suggested. Meanwhile, in the past week, the stock of RIL has outperformed the market by gaining 5.5 percent, as compared to a 2.2 percent rise in the S&P BSE Sensex.