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Aramco deal on backburner a minor setback; buy RIL on dips: Analysts

RIL shareholders had recently passed a resolution in October to appoint Saudi Aramco Chairman Yasir Al-Rumayyan as an independent director to the conglomerate's board

Mukesh Ambani
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Photo: Mukesh Ambani

Puneet Wadhwa New Delhi
The deal between Reliance Industries (RIL) and global oil giant Saudi Aramco for a 20 per cent stake acquisition by the Saudi firm in the oil to chemicals (O2C) business of the former being put on the backburner is a minor setback for the Mukesh Ambani-controlled firm, said analysts. A correction in the stock in the backdrop of this development, they feel, is a good opportunity to buy from a long-term perspective.
 
“The deal with Saudi Aramco being put on the backburner will be sentimentally negative for the stock as it had already pencilled in the development to quite

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First Published: Nov 20 2021 | 2:42 PM IST

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