: Aramco chairman Al-Rumayyan to join Reliance board; Reliance-Aramco deal to be closed this year #IndiaNEWS #Business Mumbai: Saudi Aramco chairman and head of the Kingdoms cash-rich wealth fund PIF

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Aramco chairman Al-Rumayyan to join Reliance board; Reliance-Aramco deal to be closed this year #IndiaNEWS #Business
Mumbai: Saudi Aramco chairman and head of the Kingdoms cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as a precursor to a USD 15 billion deal that is now expected to conclude this year.
RIL chairman and Asias richest man Mukesh Ambani told shareholders that a deal to sell a 20 per cent stake in the companys oil-to-chemical unit to Saudi Aramco was expected to conclude this year.
Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said.
Despite several challenges due to COVID-19, we have made substantial progress in the past in our discussions (with Saudi Aramco), he said. I expect our partnership to be formalised in an expeditious manner during this year.
RIL had inked an initial pact to sell a fifth of the unit that houses its oil refineries, petrochemical plants and fuel retailing business in August 2019, but the outbreak of global pandemic delayed the deal.
Ambani said RIL is looking forward to welcoming Saudi Aramco as a strategic partner in our O2C business.
In 2019, he had announced a USD 75 billion valuation for the O2C business. Thursday, he did not put any value.
He, however, announced the appointment of Al-Rumayyan, Chairman of Saudi Aramco and the Governor of the Public Investment Fund (PIF), as an independent director on the RIL board.
Besides bringing his vast financial experience, the induction of Al-Rumayyan, who also sits on the board of SoftBank Group Corp and Uber Technologies, will bring down the average age of the board of directors of Reliance.
Over the past years, the oil-to-telecom conglomerate has segregated businesses into separate verticals Jio Platforms houses the companys digital and telecom unit, retail is a separate unit, and oil refining and petrochemical segments have been carved into the O2C vertical to attract strategic partnerships.
In the last year, PIF has invested billions of dollars in RIL ventures.
In June last year, PIF bought a 2. 32 per cent stake in RILs digital unit Jio Platforms for Rs 11,367 crore. Five months later, it picked up a 2. 04 per cent stake in RILs retail venture for Rs Rs 9,555 crore. PIF has also invested Rs 3,779 crore in an infrastructure investment trust (InvIT), Digital Fibre Infrastructure Trust (DFIT) that holds RILs fibre-optic assets.
I am sure that we will immensely benefit from his rich experience of running one of the worlds largest companies, and also one of the largest sovereign wealth funds in the world, Ambani said. His joining our board is also the beginning of the internationalisation of Reliance. You will hear more about our international plans in the times to come.

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