Reliance Industries Limited, during its annual general meeting (AGM) on Monday, announced that it would be selling 20% stake of its Oil to Chemical business. The company is selling assets and business stake an international buyer to gain access to fresh cash.
The deal will help RIL to get more cash for working capital and also pay off its old debt. Also, there is an opportunity for development and business expansion.
RIL is selling 20% of its Oil to Chemical business to Saudi Aramco for an enterprise value of $75 billion. The deal is not yet completed and is subject to terms and conditions.
Saudi Aramco will not just invest in RIL’s O2C business but also supply a vast quantity of crude oil to the RIL’s Jamnagar refinery, which will lead to further development and business growth.
The 20% stake of Saudi Aramco also includes the 51% stake of RIL’s stake in the new Retail Joint Venture along with BP.