ન્સ 15 billion Reliance Aramco deal canceled, but will now be re-evaluated

- Reliance has twice missed its self-determined timeline before this announcement

Billionaire businessman Mukesh Ambani's Reliance Industries Limited (RIL) has canceled a deal to sell its-16 billion stake in the oil-refinery and petroleum industry to Saudi Arabia's Aramco, but has now renewed its decision. The announcement was made late Friday night. However, RIL has twice missed the self-determined timeline for this deal.

Reliance Industries said on Friday that the companies have agreed to re-evaluate the proposed investment in view of the Indian firm's entry into the new energy industry.

In fact, the information about the sale of the partnership was officially released in August 2016. Reliance, meanwhile, is re-evaluating the deal as it enters a new energy business by investing ૧૦ 10 billion in the alternative energy sector in three years. Ambani had said at the company's annual general meeting in August 2016 that talks were underway to sell a 50 per cent stake in the OTC business.

At the time, they said, the deal would be completed by March 2020. However, due to the sanctions imposed due to the Kovid-15 epidemic, the timeline was missed.

This year too, Ambani told the company's Annual General Meeting (AGM) that the deal would be completed by the end of this year. They also announced massive investments in the field of renewable energy. The new timeline for the deal with Aramco and the entry into the new energy industry were announced simultaneously, but it is not clear why, since June, changes have taken place that necessitated a reassessment. Reliance has also decided to withdraw its application to the National Company Law Tribunal (NCLT) to separate the eight C transactions from the company. It is unknown at this time what he will do after leaving the post.

It is unknown at this time what he will do after leaving the post. Now if the deal is about to be completed then why the application for separation of administration before NCLT was withdrawn? It is unknown at this time what he will do after leaving the post. An e-mail sent to a company spokesperson was not immediately available for comment.

Reliance said on Friday night that Reliance and Saudi Aramco had mutually agreed that, in view of the changing context, re-evaluation of the proposed investment up to OTC (Oil to Chemical) would be beneficial for both. The Indian company said the investment was limited to refining and petrochemicals. But now Reliance is also in the green energy sector. So there is a need to work on this deal anew. However, the company did not give a possible timeline for the deal but said that despite the restrictions imposed due to Kovid-12, significant efforts have been made in the entire process.