MUMBAI (dpa-AFX) - After Facebook and Google, Reliance Industries adds another global figure in their board of directors. Reliance head, Mukesh Ambani announced the inclusion of Yasir Al-Rumayyan, the Chairman of Saudi Aramco, to the board of directors at Thursday's annual general meeting.
This deepens the ties between the company and the gulf kingdom. According to Ambani, Rumayyan will join as an independent member. Ambani said, 'We look forward to welcoming Saudi Aramco as a strategic partner in our O2C ( Oil to chemical) business'.
This attempt will smoothen the process of Saudi Aramco's acquisition of 20% stock in Reliance's core refining and petrochem business, worth $15 billion. The move was set to be completed in 2020, but the pandemic halted the negotiations. 'Despite several challenges due to Covid-19, we have made substantial progress in the past year in our discussions,' added Ambani.
Rumayyan is also the managing director of the kingdom's Public Investment Fund, which promised to invest $1.3 billion in Reliance Jio during its fundraiser last year, and also invested $1.5 billion in Reliance Retail.
Ambani has shaken hands with Google to make cost-efficient smartphones in India. In the meet, Ambani also announced investment of $10 billion in making clean energy. The company will make four factories in the country that will produce 100 gigawatts of solar energy by 2030.
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