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    RELIANCE   INE002A01018

RELIANCE INDUSTRIES LTD

(RELIANCE)
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Reliance Industries : and Aramco shore up ties ahead of deal worth billions

06/24/2021 | 08:23am EDT

New Delhi, Jun 24 (EFE).- Indian conglomerate Reliance Industries (RIL) announced Thursday the appointment of Saudi oil company Aramco Chairman Yasir Al-Rumayyan to its board, while expectations are rife about the conclusion of deal worth billions of dollars between the two firms.

Al-Rumayyan will join the board of RIL as an independent director, Mukesh Ambani, the Indian conglomerate's owner, said Thursday at the annual meeting in a move that is expected to accelerate an agreement.

In 2019, Ambani had announced the company's decision to sell 20 percent shares of its oil and chemicals division, Oil to Chemicals, valued at $75 billion, to Saudi oil company Aramco.

However, the deal was suspended in 2020 following a collapse of oil prices in the market.

We expect to formalise the partnership with Saudi Aramco this year," Ambani said Thursday amid expectations of a jump in the financial markets with respect to the agreement for an estimated investment of $15 billion between the two petrochemical giants.

This is the largest investment ever announced by Reliance, and also one of the largest foreign investments ever made in India, according to the powerful Indian businessman during the revelation of the non-binding agreement almost two years ago.

Saudi Aramco, the world's largest oil producer, has had a long-standing business relationship with Reliance Industries, which owns the world's largest crude refinery.

RIL stocks have been down in the last two weeks with investors expecting large announcements from the annual general meeting.

However, even after the event, the shares reported a 2.6 percent drop in the NSE index of the Bombay Stock Exchange on Thursday.

Another big announcement was the launch of the JioPhone Next, a smartphone developed by the telecoms division of Reliance Jio in partnership with Google.

Ambani claimed that "World's Cheapest 4G Smartphone" will be launched on Sep. 10.

"It is a fully featured smartphone supporting the entire suite of applications from both Google and Jio," announced the businessman without revealing any details about the phone or its price. EFE

© 2021 EFE News Services (U.S.) Inc., source EFE Ingles

Stocks mentioned in the article
ChangeLast1st jan.
RELIANCE INDUSTRIES LTD -1.55% 2390.55 Delayed Quote.22.31%
SAUDI ARABIAN OIL COMPANY 0.00% 35.15 End-of-day quote.0.43%
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Financials
Sales 2022 6 519 B 88 715 M 88 715 M
Net income 2022 577 B 7 857 M 7 857 M
Net Debt 2022 17 775 M 242 M 242 M
P/E ratio 2022 28,4x
Yield 2022 0,33%
Capitalization 15 184 B 206 B 207 B
EV / Sales 2022 2,33x
EV / Sales 2023 1,98x
Nbr of Employees 236 334
Free-Float 50,4%
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Mean consensus OUTPERFORM
Number of Analysts 30
Last Close Price 2 428,20 INR
Average target price 2 253,17 INR
Spread / Average Target -7,21%
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Managers and Directors
Mukesh Dhirubhai Ambani Chairman & Managing Director
Srikanth Venkatachari Joint Chief Financial Officer
Alok Agarwal Joint Chief Financial Officer
K. Sethuraman Group Secretary & Chief Compliance Officer
Savithri Parekh Joint Secretary & Compliance Officer
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