RIL, Saudi Aramco decide to re-evaluate proposed investment in O2C biz

RIL withdraws application to separate Oil to Chemicals business

The deal between Reliance Industries (RIL) and Saudi Aramco for a 20 per cent stake acquisition by the Saudi firm in the oil to chemicals (O2C) business of RIL is now on the back burner.

"Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with National Company Law Tribunal (NCLT) for segregating the O2C business from RIL is being withdrawn," RIL said in a statement on Friday night.