Home Business Saudi Aramco chief Yasir Al-Rumayyan to join Reliance board

Saudi Aramco chief Yasir Al-Rumayyan to join Reliance board


Saudi Aramco Chief Yasir Al-Rumayyan To Join Reliance Industries' Board

Mumbai (Maharashtra):

Reliance Industries Ltd (RIL) Chairman and Managing Director Mukesh Ambani said on Thursday that Saudi Aramco Chairman Yasir Al-Rumayyan will join the RIL board as an independent director.

“Continued engagement and resolve from both sides, even during this pandemic, is a testimony of strong relationship between Saudi Aramco and Reliance. I expect our partnership to be formalised in an expeditious manner this year,” said Ambani at RIL’s 44th annual general meeting held virtually.

In August 2019, he had announced commencement of talks for selling 20 per cent stake in RIL’s O2C business to Aramco, the biggest oil exporter in the world. The non-binding letter of intent signed between the two had put the value of business at 75 billion dollars.

Mr Ambani said Saudi Aramco chief’s presence on RIL board is the beginning of ‘internationalisation of Reliance.’

“Our O2C business faced unprecedented challenges by 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 added.

Mr Ambani said the company aims to bridge the green energy divide in India and globally.

“As one of the biggest energy markets in the world, India will play a leading role in transforming the global energy landscape. We have established Reliance new energy council with some of the finest minds globally.”

Mr Ambani said work has started on developing the Dhirubhai Ambani Green Energy Giga Complex across 5,000 acres in Jamnagar. It will be among the largest such integrated renewable energy manufacturing facilities in the world.

“We plan to build four giga factories to manufacture and integrate all critical components of new energy ecosystem — solar photovoltaic module factory, energy storage battery factory, electrolyser factory, fuel cell factory,” he said.

“Over the next three years, we will invest over Rs 60,000 crore in these initiatives. We will invest an additional Rs 15,000 crore in value chain, partnerships and future technologies, including upstream and downstream industries.”

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