Reliance, Saudi Aramco deal comes to standstill

Nov 21, 2021 AlShorts Web Desk

Reliance Industries Ltd (RIL) and Saudi Aramco mutually decided to re-evaluate a major investment proposal concerning the O2C (Oil to Chemicals) business of RIL. The deal was estimated to be about USD15 billion. Both companies 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 RIL.