Mukesh Ambani says after 'unprecedented' fund raising, RIL working to close Aramco deal - The Economic Times:
Billionaire Mukesh Ambani has said that after the recent fund raising activity, which he refers to as an unprecedented event in Indian corporate history, the company is now moving towards closing its deal with Saudi Aramco.
RelianceNSE 0.40 % Industries (RIL) raised Rs 168,818 crore in two months through the country’s largest ever rights issue and series of stake sale deals in its arm Jio Platforms, delivering on a promise given to shareholders in August last year. The company is now working on delivering another promise-- stake sale in its oil-to-chemicals business to Saudi Aramco.
“In the energy businesses, Reliance is working to complete the contours of a strategic partnership with Saudi Aramco. The partnership gives our refineries access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for a higher oil-to-chemicals conversion,” Ambani said in the company’s annual report for 2019-20.
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