Reliance-Aramco deal delayed, Reliance to spin of oil-to-chemicals business into separate subsidiary

摘要

Reliance Industries says that due to unforeseen circumstances in the energy market as well as COVID-19, its talks with Saudi Aramco to form an oil-to-chemicals (O2C) partnership have not progressed according to the original timeline. Mukesh Ambani, chairman and managing director of Reliance, said during the company’s annual shareholders’ meeting on Wednesday that Reliance would approach the National Company Law Tribunal (Delhi, India) with a proposal to spin of its O2C business into a separate subsidiary to facilitate a partnership with Aramco. Ambani said he expects the spin-of to be completed by early 2021 but did not provide a date for the partnership with Aramco, which was originally due to be completed in March 2020.