The Indian Wire » Business » Mukesh Ambani to looks to close Aramco deal after mega fund raise

Mukesh Ambani to looks to close Aramco deal after mega fund raise

Mukesh Ambani has decided to close the RIL deal with Saudi Aramco after achieving the target of fundraising before expected. RIL has successfully raised Rs 168,818 crore in about just two months through sales of the rights issue and stake sales in Jio. Rs 53,124.20 crore was raised through rights issue sale and Rs 115,693.95 was raised through Jio Stake Sale.

Mukesh Ambani referred to this achievement as ‘an unprecedented event in Indian corporate history’. He said, “The combined capital raised has no precedence globally in such a short time. Both of these are also unprecedented in Indian corporate history and have set new benchmarks. This is even more remarkable that this was achieved amidst a global lockdown caused by the COVID pandemic”.

He added, “We are fully committed to our investment plans in our consumer businesses and new initiatives. We are at the doorsteps of a huge opportunity and our rights issue and all other equity transactions will strengthen Reliance and position us to create substantial value for all our stakeholders in the years to come”.

In the company’s annual report for 2019-20, Ambani has said, “In the energy businesses, Reliance is working to complete the contours of a strategic partnership with Saudi Aramco. The partnership gives our refineries access to a wide portfolio of value-accretive crude grades and enhanced feedstock security for a higher oil-to-chemicals conversion”.

Reliance has initially planned to close the deal of selling 20 per cent stake in its oil-to-chemicals business at an enterprise value of $75 billion to Saudi Aramco by March 2020.

RIL’s first virtual AGM will be held on July 15.

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