RIL was in talks with Saudi Arabian Oil Company (Aramco) for the sale of a 20 percent stake. However, the company did not mention the ongoing negotiations with Aramco.
Billionaire Mukesh Ambani’s company Reliance Industries Ltd has completed the creation of a separate unit for the Oil to Chemical (O2C) business.
Meanwhile, Reliance Industries shares fell nearly 4 per cent in early trade on Monday. Within an hour of opening of the stock market, Reliance’s share price once again came down below the 2,000 mark. At the same time, the market capital has also declined.
Reliance Industries started last year to turn the Oil to Chemical (O2C) business into a separate entity for possible sale of stake to companies such as Saudi Aramco. The company’s oil to chemical business was valued at $ 75 billion. The company was in talks with the Saudi Arabian Oil Company (Aramco) for the sale of a 20 percent stake. However, the company did not mention the ongoing negotiations with Aramco.
Results of Reliance Industries: Reliance Industries reported a 12 percent increase in net profit for the third quarter of the current financial year. The improvement in the oil to chemical business and the steady growth in the retail sector and the steady growth in the business of telecom unit Jio has increased the net profit of the company. Net profit rose 12 per cent to Rs 13,101 crore during the quarter. Also Read: Good News For WhatsApp Users: Purchases and shopkeeping will be done on WhatsApp, Mukesh Ambani said the entire plan
This was Rs 11,640 crore in the same quarter of the previous financial year. Operating income of the company declined to Rs 1,28,450 crore during the quarter from Rs 1,57,165 crore in the same quarter of the previous fiscal.
