The shares of a famous Indian group fell in morning trading on Monday, due to the suspension of the sale of a stake to Saudi Aramco.
The shares of (Reliance Industries) fell this morning by 4.2%, as the largest company in India decided to suspend the sale of a stake in its unit (O2C), which specializes in converting oil to chemicals to Saudi Aramco, and backed away from a potential stake sale in its most profitable unit.
Over the past two years, the Indian conglomerate owned by billionaire Mukesh Ambani has been in the process of selling 20% of its oil business for about $15 billion to Aramco and making it a separate unit, with the introduction of Amendments are also made in an effort to produce renewable energy.
According to CNBC Arabia, analysts at Jefferies said the cancellation of the deal had no impact on Reliance's balance sheet; But it is a disappointment because it misses the opportunity to reach the valuation of O2C's unit to the $75 billion mark.
Reliance recently appointed Aramco Chairman Yasser Al-Rumayyan to its board, amid opposition from the California Teachers' Pension Fund.
The appointment of Al-Rumayyan, initially seen as part of a process linked to the sale of the stake, was later said to have nothing to do with the deal.
