As expected in the 44th AGM, Mukesh Ambani has confirmed the induction of Saudi Aramco's chairman Yasir Al-Rumayyan into RIL Board. This shall also mark the company's internationalisation.
He'll be joining the company as the independent director.
The Saudi Aramco deal with RIL is seen to be worth $15 billion. Earlier at the AGM, he said that he expects the company to enter association with Saudi Aramco expeditiously in this year.
Investors shall applaud the announcement it as a whole as it is the only segment of the company's business that has not drawn any huge investment in the recent time. Soon after the announcement, RIL scrip was still trading lower by over 1.4% at Rs. 2171.7.
"The-so called older businesses of Reliance -- refining and petrochemicals -- should be doing very well, given the scenario we are in. While there is a pause, in terms of a catch-up to be played, in terms of the new businesses of telecom, the old businesses are firing from all guns. I think RIL is in a very sweet spot in terms of the traditional business and its ability to consolidate the new businesses," Tandon is quoted as saying in a leading dailies report.