Reliance Industries Ltd.’s deal to sell a stake in its oil-to-chemicals business to Saudi Aramco is delayed, pushing down the Indian conglomerate’s shares on the day its chairman announced a $4.5 billion transaction with Google.
“Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal has not progressed as per the original timeline,” Reliance chairman Mukesh Ambani told shareholders on Wednesday. “Nevertheless, we at Reliance value our over two-decade long relationship with Saudi Aramco and are committed to a long-term partnership.”
Reliance shares fell 3.9% in Mumbai, the biggest drop since May 14.
Ambani had announced last year that Saudi Aramco would pick up a 20% stake in Reliance’s refining and petrochemicals business, valuing it at $75 billion.
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