Ambani, who was speaking at the company’s 44th AGM, said Yasir Al-Rumayyan would join the company board as an independent director. Al-Rumayyan is the chairman and governor of the Kingdom’s wealth fund Public Investment Fund.
“His joining our board is also the beginning of internationalisation of Reliance Industries” Ambani said. The development is in line with earlier reports that suggested Al-Rumayyan would be inducted either on the RIL board or the board of the newly carved oil-to-chemical (O2C) unit.
At 3 pm, shares of Reliance Industries were trading 1.68 per cent lower at Rs 2,167.95.
Ambani said that the company’s oil to chemicals business faced unprecedented challenges due to the severe economic contraction at the beginning of year.
“Yet we were probably the only company globally that operated at near full capacity and was profitable in every quarter,” he said.
Ambani said that the continued engagement and resolve from both sides, even during this pandemic, is a testimony of a strong relationship between Saudi Aramco and Reliance Industries.
“I expect our partnership to be formalised in an expeditious manner this year,” he said.
RIL had at its 42nd AGM in 2019 made the announcement about Saudi Aramco’s 20 per cent investment in its oil-to-chemical business. At its 43rd AGM in 2020, Ambani said his company will spin off the oil-to-chemical (O2C) business into a separate subsidiary “to facilitate multiple partnership opportunities.”
Ambani had expected to complete the process by early 2021.
In the last AGM, Ambani had noted that his company’s planned $15 billion stake sale to Saudi Aramco had not progressed as per original timelines due to Covid-19.
Speaking at the company’s 44th AGM, AGM said, Ambani said retail shareholders of the company made 4 times returns in just one year on their rights shares.
on Wednesday completed the nation’s biggest-ever rights issue of Rs 53,124 crore after it closed with an oversubscription of nearly 1.6 times, the company said.
At the 44th AGM, Ambani, not only talked about the company’s performance over the pandemic year but also about the new initiatives the oil-to-telecom major is planning going forward.
Just before Ambani started its AGM speech, shares of Reliance Industries were ruling at Rs 2,171.60, down 1.5 per cent as investors awaited clarity on a host of subjects such as 5G rollout, affordable 5G enabled mobiles, unlocking of new age business, developments over O2C business and update on retail business.