Reliance Industries Limited (RIL) named Yasir Al-Rumayyan, chairman of Saudi Aramco and governor of the kingdom’s wealth fund Public Investment Fund, as a director on its board during the AGM.
Saudi Aramco Chairman Join RIL Board
Reliance Industries (RIL) is conducting the 44th annual general meeting (AGM) today. Ambani said Yasir Al-Rumayyan’s joining the RIL board is the start of internationalisation of Reliance. “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 in the world,” said Mukesh Ambani.
Reliance had announced a sale of a 20% stake in its oil-to-chemicals business for $15 billion in 2019 to Saudi Aramco, the world’s top oil exporting firm. However, the deal had stalled after oil prices and demand crashed last year due to the pandemic.
While addressing the AGM, Chairman Mukesh Ambani said the performance of the group exceeded the expectation despite the pandemic, but what matters more is the humanitarian service the group rendered.