Reliance Industries (RIL) and Saudi Aramco are in the final stages of a market cap deal. This claim was made in a Bloomberg report. According to the report, in the next few weeks, both parties could reach an agreement on the deal. Amid the news, the stock price of Reliance Industries on Tuesday surged. The company’s share price has reached a level of Rs 2180. At the same time, the market capitalization is more than 13 lakh 80 thousand crores.
20 percent share: Saudi Aramco will buy a 20 per cent stake in Mukesh Ambani’s Reliance Industries’ oil-chemical (O2C) unit. According to the report, the deal is worth about $ 20 to $ 25 billion. After signing a non-binding agreement with Saudi Aramco in 2019, Reliance has evaluated the O2C business at $ 75 billion.
Delays from Corona: In August 2019, industrialist Mukesh Ambani announced that he would sell a 20 per cent stake in the O2C unit to the world’s largest oil exporter. It includes two refineries and petrochemical assets in Jamnagar, Gujarat. The deal was supposed to be completed by March 2020 but was delayed by Corona.
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Mukesh Ambani had this to say: At the AGM meeting of Reliance this year, Mukesh Ambani expressed his hope of completing a partnership with Saudi Aramco by the end of this year. Aramco President Yasir Al Rumayen also attended the AGM meeting. He attended the meeting as an independent director.