Reliance Industries Ltd. (RIL) Chairman and Managing Director Mr. Mukesh Ambani said that Saudi Aramco Chairman, Mr. Yasir Al-Rumayyan will join the RIL board as an independent director. He made this announcement at RIL’s 44th annual general meeting held virtually.
Mr. Ambani further added “Continued engagement and resolve from both sides, even during this pandemic, is a testimony of strong relationship between Saudi Aramco and Reliance. I expect our partnership to be formalized in an expeditious manner this year“.
It should be noted that in August 2019 RIL had announced talks for selling a 20% stake in RIL’s O2C (Oil to Chemicals) business to Saudi Aramco, the biggest Oil exporter in the world. RIL has applied for required approvals to make Oil-to-Chemicals business into a separate entity, to facilitate the onboarding of strategic partners like Saudi Aramco.