Groaning under Debt, Reliance Industries Throws in the Towel on Ownership and Control
Yesterday, Reliance Industries (RIL) announced that Saudi Aramco has agreed to take 20% stake in its refining and petrochemicals business, described as the Oil to Chemicals (O2C) division. The transaction, which values the business at $75bn (billion) including debt, has made investors extremely happy. The stock shot up more than 10% today. According Mukesh Ambani, who disclosed the details of...
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