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RIL Now Working To Bring To Fruition Saudi Aramco Deal
On Tuesday, billionaire Mukesh Ambani said that after record back to back fund raising in Jio Platforms, the company is now working on contours of the Saudi Aramco deal such that it comes to fruition.
After meeting the promise made to its shareholders earlier in August last year of becoming a net debt free company by March 2021, RIL is now gearing up to meeting another promise of share sale in its oil to chemicals business to Saudi Aramco.
The promise was made in the company's AGM last year where it said to sell 20% stake in its oils to chemical business at an enterprise value of $75 billion.
The deal was to be closed by March 2020. In its annual report for 2019-20 Ambani said, "In the energy businesses, RelianceNSE -1.45 % is working to complete the contours of a strategic partnership with Saudi Aramco. The partnership gives our refineries access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for a higher oil-to-chemicals conversion".
The company said that the diversified earnings streams and conservative balance sheet places RIL at an advantageous position to face the ongoing macro challenges.
"We are fully committed to our investment plans in our consumer businesses and new initiatives. We are at the doorsteps of a huge opportunity and our rights issue and all other equity transactions will strengthen Reliance and position us to create substantial value for all our stakeholders in the years to come," he said.
The company is slated to meet for AGM that will be held virtually on July 15.
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