Reliance’s $15bln stake sale deal with Aramco delayed – ZAWYA

Reliance’s $15bln stake sale deal with Aramco delayed – ZAWYA

Reliance's $15bln stake sale deal with Aramco delayed | ZAWYA MENA Edition HomeMarketsEquitiesArticleReliance's $15bln stake sale deal with Aramco delayed The Aramco deal was initially expected to be completed by March 2020    A woman walks past a poster of Reliance Industries installed outside the venue of the company's annual general meeting in Mumbai June 7, 2012. Image used for illustrative purpose.NEW DELHI- Reliance Industries' plans to sell 20% stake in its oil-to-chemical business to Saudi Aramco 2222.SE is delayed, chairman of the Indian conglomerate said on Wednesday.Reliance, operator of the world's biggest refining complex, last year announced a $15 billion deal with the world's top oil exporter Aramco as part of the Indian company's efforts to cut its debts.  "Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal (with Saudi Aramco) has not progressed as per the original timeline," Mukesh Ambani told shareholders on Wednesday.The Aramco deal was initially expected to be completed by March 2020.Reliance, operator of the world's biggest refining complex, last year announced a $15 billion deal with the world's top oil exporter Aramco as part of the Indian company's efforts to cut its debts.  "Due to unforeseen circumstances in the