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Reliance, Aramco call off investment deal; RIL withdraws NCLT appln for O2C hive-off

Press Release   Economic Times  

Publicly-listed Reliance Industries Ltd (RIL) has dropped plans to hive off its oil-to-chemicals (O2C) business, intended as part of a potential stake sale to Saudi Aramco, making way for fresh negotiations between the two companies. RIL will continue to be Saudi Aramco's preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco and SABIC for investments in Saudi Arabia. Further, RIL has withdrawn its application to the National Company Law Tribunal (NCLT) for segregating the O2C business. It had first announced that it is in talks with Saudi Aramco to sell a 20% stake in its O2C business in August 2019. Subsequently, the company had announced a detailed plan to create a separate entity for the business in September 2020.