Reliance’s $15 Billion Aramco Deal Goes Awry as Priorities Shift
- Transaction was two years in the making and faced many delays
- Reliance to scrap hiving off of its oil-to-chemicals business
Photographer: Simon Dawson/Bloomberg
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Reliance Industries Ltd. scrapped a plan announced more than two years ago to sell a 20% stake in its oil-to-chemicals unit to Saudi Arabian Oil Co. as the Indian company focuses on its renewable energy investments.
“Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context,” the Indian company said in a late Friday statement. It will also shelve plans to spin off this business into a separate entity.