Ambani said the Aramco deal had not progressed according to the timeline because of unforeseen circumstances and Covid-19
"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
Ambani at Reliance's annual general meeting on Wednesday said the Aramco deal was delayed due to "unforeseen circumstances in the energy market and the Covid-19 situation"
Aramco wants India's Reliance to review its price for the oil-to-chemical business as the global valuation of oil assets has tumbled
Delay in striking a deal with Saudi Aramco disappoints investors
With the fund raising now achieved, Reliance Industries has become a debt-free company
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
The stock of Mukesh Ambani-controlled RIL had hit a record high of Rs 1,978.50, up 3 per cent in early morning trade
Apple gained as much as 4.2% on Monday for a market capitalization above $1.70 trillion, trailing Saudi Aramco at about $1.78 trillion based on current exchange rates.
"It's not only imperative for us to be net carbon zero but I think that we should opt to recycle carbon," Ambani said.
The deal was to be concluded by March 2020 but has been delayed.
Problems in production-sharing agreements with the government have haunted private oil and gas companies for years
Reliance also received Rs 7,000 crore by selling 49 per cent stake in its petro retail business to BP
In a corporate presentation titled 'New Reliance for a New India', released on Friday, RIL termed itself as the best proxy for India's consumption-driven and tech-propelled growth story.
Saudi Aramco, the world's most valuable listed company, will pay a dividend of $18.75 billion for the first three months of 2020.
Saudi Arabian Oil Co., as the company is formally known, pledged an annual dividend of $75 billion for the first five years to attract investors to its initial public offering in December last year
J P Morgan said that the core energy business could be staring at multi-year slump
It is trading at nearly 28 times its trailing earnings per share against Sensex's 19.4
Land has been one of the biggest impediments for companies looking to invest in India, with the plans of Saudi Aramco to Posco frustrated by delays in acquisition
Focus shifts from Aramco to Jio Platforms deal to achieve the goal ahead of the March 2021 deadline