After missing two self-imposed deadlines, billionaire Mukesh Ambani’s Reliance Industries Ltd announced that it is reevaluating its proposed USD 15 billion deal to sell a 20 percent stake in the oil refinery and petrochemical business of Saudi Arabia after securing new commitments for investment from both parties.
The stake sale talks, which were first officially revealed in August 2019 are being reset following recent investments from Reliance into alternative energy projects. The company has committed USD 10 billion over three years and is looking to make its mark as a player in this market with ambitious plans for growth ahead of time!
The company is taking a new approach to renewable energy by investing in German solar panel makers and signing agreements for hydrogen electrolyzers with Danish companies.
This is the first major business decision by Mukesh Ambani since he took over as Chairman and Managing Director of Reliance Industries at 53 years old.
A few weeks ago, it was announced that O2C (oil to chemical) will now be separated into two companies — one licensed in India with responsibility for refining oil products like gasoline while another entity would manage all other aspects including marketing these same goods across countries such as China where they are manufactured using coal which harms our environment more than ever before.”