 "Mukesh Ambani")
Saudi Aramco and Reliance Industries (RIL) have signed a letter of intent for a proposed investment in RIL’s oil-to-chemical division, the company announced at its annual general meeting (AGM) on Monday. The deal is likely to fetch $15 billion (~1.06 trillion) for a 20 per cent stake.
RIL is also looking to turn debt free in the next 18 months. As part of the debt-reduction plan, RIL looks to find global partners for its retail and telecom businesses. The company also plans to unlock value in real estate and financial investments.
“Saudi Aramco and Reliance have agreed to form a
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