Saudi Aramco looks to invest in Reliance New Energy Solar: Report – EQ Mag Pro
Saudi Aramco and other investors have shown initial interest in investing in Reliance’s clean energy unit.Saudi Aramco and other investors have shown initial interest in investing in Reliance’s clean energy unit.
Saudi Aramco is reportedly looking to invest in Reliance New Energy Solar Limited after both firms had earlier announced the scrapping of $15 billion investment in Reliance’s oil-to-chemicals (O2C) business.
Saudi Aramco and other investors have shown initial interest in investing in Reliance’s clean energy unit, Mint reported, citing people in the know.
“Reliance plans to get investors in its renewable energy business. While many investors are excited about this opportunity, Aramco is also said to be evaluating the same,” sources told the publication.
Moneycontrol could not independently verify the report.
RIL, the operator of the world’s biggest refining complex, had in August 2019 announced a $15 billion deal with Saudi Aramco, the world’s top oil exporter.
The deal with Aramco, which entailed a stake sale of 20 percent in the O2C business, was expected to be completed by March 2020.
However, on November 19 the company announced that it will withdraw its application to get necessary approvals to hive off its oil-to-chemicals (O2C) business into a separate unit due to the evolving nature of its business portfolio.
Due to evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context, RIL had said.
While Reliance did not respond to Mint’s email, Aramco, in a statement, said, “Reliance and Aramco have a longstanding relationship and will continue to look for investment opportunities in India.”
“India offers tremendous growth opportunities over the long term and Aramco continues to evaluate new and existing business opportunities with our potential partners. Updates on any business milestones will be made as and when appropriate,” Saudi Aramco added.
Reliance New Energy Solar Ltd (RNESL) in October acquired REC Solar Holdings for $771 million, moving closer to achieve the goal of generating or enabling generation of 100GW of solar energy by 2030.
Source : moneycontrol
