Saudi Aramco deal hasn't progressed as per original timeline: Mukesh Ambani

At RIL's last AGM in August 2019, Ambani announced plan to sell a stake in company's O2C business to Aramco. On August 12, it said it has signed LoI with Aramco for 20% stake sale

Reliance Industries (RIL)'s deal to sell a stake in its oil-to-chemicals (O2C) division to Saudi Aramco has not progressed as per its original timeline, said Mukesh Ambani, chairman and managing director for RIL, at the company's annual general meeting on Wednesday.

"Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal has not progressed as per the original timeline. Our equity requirements have already been met," Ambani said in his AGM address. He added," Nevertheless, we at Reliance value our over two-decade-long relationship with Saudi Aramco and are committed to a long-term partnership."

At the company's last AGM