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"RIL had at its 42nd AGM in 2019 announcement Saudi Aramco's 20 per cent investment in its oil-to-chemical business. At its 43rd AGM in 2020, Ambani said his company would spin off the oil-to-chemical (O2C) business into a separate subsidiary &quot;to facilitate multiple partnership opportunities.&quot;NEW DELHI: Mukesh Ambani, Chairman &amp; Managing Director at Reliance Industries, on Thursday said RIL's proposed deal with Saudi Aramco will likely be finalised this financial year.Ambani, who was speaking at the company's 44th AGM, said Yasir Al-Rumayyan would join the company board as an independent director. Al-Rumayyan is the chairman and governor of the Kingdom's wealth fund Public Investment Fund.\"His joining our board is also the beginning of internationalisation of Reliance Industries,\" Ambani said.The development is in line with earlier reports that suggested Al-Rumayyan would be inducted either on the RIL board or the board of the newly carved oil-to-chemical (O2C) unit.At 3 pm, shares of Reliance Industries were trading 1.68 per cent lower at Rs 2,167.95Ambani said the company's oil-to-chemicals business faced unprecedented challenges due to the severe economic contraction at the beginning of year.\"Yet, we were probably the only company globally that operated at near full capacity and was profitable in every quarter,\" he said.Ambani said the continued engagement and resolve from both sides, even during this pandemic, is a testimony of a strong relationship between Saudi Aramco and Reliance Industries.\"I expect our partnership to be formalised in an expeditious manner this year,\" he said.RIL had at its 42nd AGM in 2019 announcement Saudi Aramco's 20 per cent investment in its oil-to-chemical business. At its 43rd AGM in 2020, Ambani said his company would spin off the oil-to-chemical (O2C) business into a separate subsidiary \"to facilitate multiple partnership opportunities.\"At its last AGM, Ambani had noted that his company's planned $15 billion stake sale to Saudi Aramco had not progressed as per original timelines due to Covid-19.He had laid out plans to complete the process by early 2021.A possible inclusion of Aramco chief on RIL board puts focus back on $15 billion investment by Saudi giantThe possible induction of Rumayyan into the RIL board would also be the first for any foreign citizen. He is counted among the most influential decision makers in the world of energy and investing and is closely involved in Saudi prince Mohammed bin Salman’s plans to diversify Saudi Arabia's petroleum dependent economy, said officials who have been briefed on the matter.See More DetailsFollow and connect with us on Twitter, Facebook, Linkedin, Youtube"
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