Saudi Aramco said he would continue to look for investment opportunities in India, the day after the Reliance Industries Ltd canceled plans to sell shares in the oil-to-chemical unit to the Middle East company.
“India offers extraordinary growth opportunities in the long run,” Aramco said in a statement on Sunday.
This will “continue to evaluate new business opportunities and existing ones with our potential partners.” Aramco has signed a binding intention letter in August 2019 for the potential of 20% of the shares in the oil-to-chemicals reliance unit worth around $ 15 billion.
Reliance said the company would go from an agreement on Friday.
“Reliance and Aramco have a long relationship and will continue to look for investment opportunities in India,” Aramco said.
Reliance, in his statement, also said it would continue to be a partner that Aramco liked in India and “committed” to the pact with the company, without further determining.
Recently as of June this year, Reliance said it was expected to complete investment transactions with Aramco and appointed the last chairman, Yasir al-Rumayyan was an independent director on his council.
What was revived the expectations of the agreement came after Mukesh Ambani, the richest person in Asia, said in 2020 that a pandemic and its impact on fuel demand had created obstacles for transactions.
Aramco’s New Investment Eyes in India After Memo Reliance Agreement
