Saudi Aramco's Yasir Al Rumayyan joins Reliance Industries board; Stock gains 1%

Last month, in the company's 44th AGM, the chairman and MD, Mukesh Ambani had welcomed Saudi Aramco's Chairman on the company's board.

Jul 22, 2021 02:07 IST India Infoline News Service

RIL, Reliance Industries
Reliance Industries (RIL) has announced that his excellency Yasir Al Rumayyan has taken charge as the Independent Director of the company. This has come into effect from July 19, 2021.

In its regulatory filing, RIL said, "we state that the appointment of His Excellency Yasir Al Rumayyan as an Independent Director has taken effect from July 19, 2021."

Last month, in the company's 44th AGM, the chairman and MD, Mukesh Ambani had welcomed Saudi Aramco's Chairman on the company's board. Ambani said, "I am sure that we will immensely benefit from his rich experience of running one of the world's largest companies and also one of the largest sovereign wealth funds in the world. His joining our board is also the beginning of the internationalization of Reliance."

In the AGM, Ambani made it official and welcomed Saudi Aramco as a strategic partner for O2C business. He said, "As an important of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner for our OC2 business."

On deal with Aramco, Ambani added, "Despite several challenges due to Covid-19, we have made substantial progress in the past year in our discussions. These discussions have been held in the spirit of mutual commitment to convert our long-standing relationship into a perpetual partnership... This continued engagement and resolve from both sides even during this pandemic - is a testimony of the strong relationship between Saudi Aramco and Reliance."

Ambani expects the partnership with Aramco to be formalized expeditiously during this year.

At around 1.57 PM, RIL was trading at Rs2109.85 per piece up by 0.8% on Sensex. The stock has touched an intraday high and low of Rs2118.60 per piece and Rs2098.80 per piece respectively. 

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