RIL News | Saudi Aramco chairman Al-Rumayyan to join the board of directors of Reliance Industries
- RIL will join Saudi Aramco as a strategic partner in the O2C business.
- Mukesh Ambani announced this at the 44th AGM.
- Al-Rumayen, 51, a Harvard University graduate, will succeed Yogendra P Trivedi.
Mumbai: Yasser Othman Al-Rumayan, chairman of Saudi Aramco and head of PIF, a leading asset fund there, will join Reliance Industries’ board as an independent director. His appointment comes ahead of the completion of a $15 billion deal between the two sides. Reliance Industries Chairman Mukesh Ambani announced the appointment of Al-Rumayen at the company’s 44th Annual General Meeting on Thursday.
Two years ago, Ambani had informed about plans to sell a 20 per cent stake in the company’s oil-chemicals (O2C) arm to Saudi Aramco.
He said that Al-Rumayen, 51, who studied at Harvard University, will succeed Yogendra P Trivedi, 92, in the position. Trivedi has expressed his desire to retire.
On selling 20 per cent stake in the O2C business, Ambani said the deal is expected to be completed this year. He said that despite the many challenges regarding COVID-19, we made remarkable progress in our talks with Saudi Aramco. The continued engagement and resolve from both sides even during this pandemic is a testimony to the strong relationship between Saudi Aramco and Reliance.
Ambani said RIL is looking forward to welcoming Saudi Aramco as a strategic partner in the O2C business. He said that I hope that our partnership will be formalized soon this year.
It is noteworthy that in 2019, Ambani had announced the valuation of the O2C business to be $ 75 billion. The business includes the fuel retailing business with the group’s oil refinery and petrochemical units. Aramco’s 20 percent stake is valued at $15 billion. However, on Thursday, he did not give any price information.
Ambani said that I am pleased to welcome Yasir Al-Rumayyan, Chairman of Saudi Aramco and Governor of Public Investment Fund (PIF), to join the Board of Directors of Reliance Industries Limited as an independent director. Al-Rumayyan has considerable financial experience. He is also on the boards of directors of SoftBank Group Corp and Uber Technologies.
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