Reliance Group to miss planned date to close Saudi Aramco deal - Arabianbusiness:
Indian business conglomerate Reliance Industries Ltd’s (RIL) proposed deal to sell a 20 percent stake in its oil to chemicals business to Saudi Aramco for an estimated $15 billion will miss the planned March 31 timeline, a senior company executive has said.
The deal was announced by RIL chairman and managing director Mukesh Ambani at the company annual general meeting in August last year and was intended to reduce its massive debt and ensure assured supply of crude oil to its refineries.
“It will not be a deal which will get done by March,” RIL’s joint chief financial officer V Srikanth has told reporters on the occasion of its quarterly results announcement.
“The deal is making very good progress, but it’s a large transaction/large cross-border deal which is complex. I cannot comment on the timeline,” he said.
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