India’s Reliance ditches $15 bn Saudi Aramco deal

Published by
Al-Araby

India’s Reliance oil-to-telecoms giant is abandoning a $15 billion deal for Saudi Aramco to buy a 20 percent stake in its oil refining and chemicals unit, it said, as the firm pivots towards renewable energy. The deal was announced more than two years ago by Reliance chairman Mukesh Ambani, Asia’s richest man, and touted as the biggest foreign investment in the conglomerate’s history. But Reliance and other major Indian firms have since poured billions of dollars into green power as the government pushes to reduce its dependence on imported fossil fuels and as the country’s cities are assailed…

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