Asia’s richest man Mukesh Ambani on Wednesday said his group’s planned stake sale in oil-to-chemical business to Saudi Aramco for an asking of USD 15 billion has not progressed as per original timelines due to COVID-19. “We value our two-decade relationship with Aramco and are committed to a long-term partnership,” Ambani said at Reliance Industries’ annual general meeting.
He, however, did not say if the deal was on track or give a new timeline for its completion.
“Deal with Saudi Aramco hasn’t progressed per original timeline due to unforeseen situation in the energy market and COVID-19 situation,” he said.
Reliance will be spinning off the oil-to-chemical (O2C) business into a separate subsidiary “to facilitate multiple partnership opportunities,” he said.
“We expect to complete this process by early 2021,” he said.