The report said That Yasir al-Rumayan, chairman of Saudi Aramco and governor of the state’s wealth fund Public Investment Fund, could be included on the board of Reliance Industries Limited, the precursor to the $15,000,000 deal. Al-Rumayan’s inclusion on the board of RIL board or chemical (O2C) unit from new carved oil is likely to come soon at the company’s annual shareholder meeting on June 24.
“RIL‘s Annual General Meeting (AGM) has historically been a keenly watched event (3,000 shareholders participated when it was held in the first physical format and last year saw 300,000 concurrent audiences of virtual AGM in 42 countries and 468 cities) given that it has been one of the top 3 companies by market capitalization in India. A large free float and a large public shareholding (more than 3 million non-institutional shareholders) is brokerage HSBC Global Research said in a report, brokerage HSBC Global Research said in a report.
And expectations are already there for the AGM.
Last year, RIL has made a new partnership deal with global players like Google, Facebook, Microsoft, Qualcomm, etc. Investors are now expected to give direction to these businesses from RIL and announce the groundbreaking products,” adding this report suggests that it will announce a new smartphone partnering with Google and its pricing.
“Some updates on the Saudi Aramco deal are also expected and there is speculation that the Saudi Aramco chairman may join RIL’s board,” it said.
Both RIL and Saudi Aramco did not respond to emails sent for comments. An email sent to the PIF also remained unanswered. PIF has already raised a minority stake in Reliance Retail and Jio.
Billionaire Mukesh Ambani announced talks in August 2019 to sell a 20 percent stake in the oil-to-chemicals (O2C) business, including its twin oil refineries and petrochemical assets in Jamnagar, Gujarat, which comprise the world’s largest oil exporter.
The deal was scheduled to expire by March 2020 but the reasons for not being disclosed by any company have been delayed.
The talks have revived this year and the two are reportedly discussing a cash and stock deal-Aramco initially paid for the stake with its shares and then vibrated the cash payment over the years.