Saudi Aramco looks to invest in Reliance New Energy Solar: Report

Saudi Aramco looks to invest in Reliance New Energy Solar: Report

Saudi Aramco and other investors have shown initial interest in investing in Reliance's clean energy unit.





December 15, 2021 / 09:40 AM IST





File image. (Source: AP)



Saudi Aramco is reportedly looking to invest in Reliance New Energy Solar Limited after both firms had earlier announced the scrapping of $15 billion investment in Reliance's oil-to-chemicals (O2C) business.

Saudi Aramco and other investors have shown initial interest in investing in Reliance's clean energy unit, Mint reported, citing people in the know.

"Reliance plans to get investors in its renewable energy business. While many investors are excited about this opportunity, Aramco is also said to be evaluating the same," sources told the publication.

Moneycontrol could not independently verify the report.

RIL, the operator of the world’s biggest refining complex, had in August 2019 announced a $15 billion deal with Saudi Aramco, the world’s top oil exporter.

The deal with Aramco, which entailed a stake sale of 20 percent in the O2C business, was expected to be completed by March 2020.

However, on November 19 the company announced that it will withdraw its application to get necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit due to the evolving nature of its business portfolio.

Due to evolving