India

Reliance Industries expects Saudi Aramco deal to formalise this year

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Labourers work behind an advertisement of Reliance Industries Limited at a construction site in Mumbai, India, March 2, 2016. REUTERS/Shailesh Andrade/Files

BENGALURU, June 24 (Reuters) - Reliance Industries Ltd (RELI.NS) said on Thursday it hopes to formalise its partnership with Saudi Aramco (2222.SE) this year and its Chairman Yasir Al-Rumayyan will join the Indian conglomerate's board as an independent director.

"Al-Rumayyan joining our board is also the beginning of internationalisation of Reliance," Chairman Mukesh Ambani told shareholders on Thursday.

Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15 billion in 2019 to Aramco, the world's top oil exporting firm.

However, the deal stalled after oil prices and demand crashed last year due to the pandemic.

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Reporting by Nallur Sethuraman in Bengaluru; Editing by Shounak Dasgupta

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