Reliance Industries chairman Mukesh Ambani on Thursday announced that the $15 billion deal with Saudi oil major Aramco will be completed in 2021. He was virtually addressing the 44th Annual General Meeting of the company.
The development comes as oil-to-telecom conglomerate announces the induction of Yasir Al Rumayyan, the chairman of Aramco, into the Reliance Industries board as an independent director. The deal involves selling a 20 per cent stake in Reliance’s oil-to-chemicals business to Aramco.
Mukesh Ambani said he was delighted to welcome Al Rumayyan. “He (Yasir Al Rumayyan) is one of the most renowned names in energy finance and technology globally. I am sure that we will immensely benefit from his rich experience with one of the world’s largest companies, and also one of the largest Sovereign Wealth Funds (Public Investment Fund) in the world,” the Reliance chairman said.
Meanwhile, stocks of the company ended the day in the red by declining 2.35 per cent to Rs 2,153.
Rs 75,000 cr in green energy initiatives
Mukesh Ambani also outlined a plan to invest Rs 75,000 crore in green energy initiatives over the next three years.
He said Reliance has started work on developing the Dhirubhai Green Energy Giga Complex on 5,000 acres in Jamnagar. “It will be amongst the largest such integrated renewable energy manufacturing facilities in the world,” he said.
“We plan to build four giga factories to manufacture and integrate all critical components of a new energy ecosystem—solar photovoltaic module factory, energy storage battery factory, electrolyser factory, and fuel cell factory,” Ambani said.
Reliance will invest over Rs 60,000 crore to create and offer a fully integrated, end-to-end renewable energy ecosystem. “We will invest an additional Rs 15,000 cr in value chain, partnerships and future technologies, including upstream and downstream industries. Thus, our overall investment in the new energy business will be Rs 75,000 crore in 3 years,” he added.
Mukesh Ambani also said that the company will transform its legacy energy business into a sustainable, circular and net-zero carbon materials business. “We will do this by repurposing our existing assets to extend their economic life and earning capacity,” he said.
Launch of JioPhone Next
Ambani also announced the launch of JioPhone Next, an ultra-affordable smartphone developed by Reliance Jio and Google. It will be available in the market from September 10.
“I am pleased to announce that Google and Jio teams have jointly developed a truly breakthrough smartphone — JioPhoneNext. It is a fully-featured smartphone supporting the entire suite of applications from both Google and Jio,” said Ambani.
“JioPhone Next is powered by an optimized version of Android OS jointly developed by Jio and Google. It is ultra-affordable and packs cutting-edge features. It will be available in the market from Ganesh Chaturthi, September 10,” he said.
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