Reliance Industries hints it's no longer desperate for Saudi Aramco deal

"Ambani's comment on the deal is a message to Aramco - RIL is no longer desperate for the deal," said an analyst who did not wish to be identified

Mukesh Ambani announcing a delay in the proposed deal with Saudi Aramco has raised concerns on whether the Reliance Industries-Saudi Aramco transaction is less desirable now.

“Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal has not progressed according to the original timeline,” Ambani, chairman and managing director for RIL, informed shareholders on Wednesday. The billionaire punctuated his remarks on the deal saying “our equity requirements have already been met”.

A year ago, in August, when Ambani first announced Saudi Aramco’s intent to invest in RIL’s oil to chemicals (O2C) business, the deal was crucial