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<ul><li>Share price of <keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> has doubled between the announcement of the deal and its recent peak on October 14.</li><li>In August 2019, the companies had signed a non-binding letter of intent for a potential 20% stake by Saudi Aramco in RIL.</li><li>On November 22, shares of RIL fell nearly 4% as the deal has been put on hold for now.</li></ul>The much anticipated deal between Reliance Industries (RIL) and Saudi Aramco has been <a href="https://www.businessinsider.in/business/news/reliances-15-billion-deal-with-saudi-aramco-has-been-called-off/articleshow/87811630.cms">put on hold</a> and the disappointment of investors is being reflected in the share price of RIL. Both the companies, on November 20, decided to re-evaluate the proposed investment of Saudi Aramco in <keyword id="3820" type="General" weightage="20" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword>’s oil-to-chemical conglomerate. Meanwhile, shares of RIL have doubled between the announcement of the deal and its recent peak on October 14. <div type="image" title="ril char" height="900" width="1200" msid="87842195" hostid="261"></div> In August 2019, both the companies had signed a non-binding letter of intent for a potential 20% stake by Saudi Aramco in RIL. Five instances when RIL and Saudi Aramco gave investors hope of a big ticket deal <ul><li>August 2019</li></ul>RIL and Saudi Aramco signed a non-binding letter of intent in August 2019 for a potential 20% stake acquisition by Saudi Aramco in the oil-to-chemical business. <ul><li>August 2020</li></ul>In a post-earnings call of Saudi Aramco with analysts, its chief executive Amin Nasser said, "With regard to the Reliance deal, all I can say at this stage, it's going through due diligence. So, depending on the due diligence, we will make our decision after we complete the due diligence on that deal," said Nasser. <ul><li>June 2021</li></ul>Mukesh Ambani announced that the proposed deal with Saudi Aramco will likely be finalised this year during the 44th Annual General Meeting (AGM) on June 24. “As an important part of this vision of achieving accelerated growth, we look forward to welcoming Saudi Aramco as a strategic partner in our O2C business," said Ambani. <ul><li>July 2021</li></ul>Investors' hopes of a deal to happen soon were raised after RIL appointed Saudi Aramco’s Chairman Yasir Al-Rumayyan as an independent director of the company effective from July 19, 2021. <ul><li>August 2021</li></ul>CEO of Saudi Aramco Amin Nasser said the company is still working on the deal to invest in Reliance Industries, as reported by Bloomberg. However, RIL clarified that it will continue to be Saudi Aramco's preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco &amp; SABIC for investments in Saudi Arabia. Saudi Aramco is one of the largest petroleum and natural gas companies in the world, based in Dhahran, while SABIC (Saudi Basic Industries Corporation), a subsidiary of Saudi Aramco, is into chemical manufacturing. Analysts at JP Morgan <a href="https://twitter.com/CNBCTV18Live/status/1462596690041470984/photo/1">reportedly </a>said that the development is a “clear sentiment negative”, but will have limited impact on RIL’s financials. Besides, a significant deleveraging (debt reduction) has already been done by the oil-to-chemical major, which is positive, according to JP Morgan. The global brokerage firm has a ‘neutral’ rating on the stock as it expects the share price to rise 7% at ₹2,575. Besides, RIL has shifted its focus to its new energy business at Jamnagar, which it aspires to make it among the largest integrated renewable energy manufacturing facilities in the world. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-has-lost-8-billion-in-valuation-in-two-days-of-listing/articleshow/87840891.cms">Paytm has lost $8 billion in valuation in two days of listing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/airtels-popular-prepaid-plans-may-now-cost-you-up-to-25-more/articleshow/87840177.cms">Airtel’s popular prepaid plans may now cost you up to 25% more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-tanks-over-400-points-in-early-trade-nifty-trading-at-17764-reliance-industries-maruti-bajaj-finance-kotak-bank-and-bajaj-finserv-top-losers/articleshow/87841278.cms">Sensex tanks over 400 points in early trade, Nifty trading at 17,764 — Reliance Industries, Maruti, Bajaj Finance, Kotak Bank and Bajaj Finserv top losers</a>

Reliance Industries’ investors dump shares after Mukesh Ambani's Aramco deal fails after 27 months of negotiations

Reliance Industries, IRCTC, Cadila and other top stocks to watch out for on November 22

<ul><li><keyword id="6484187" type="General" weightage="20" keywordseo="ril" source="Orion">RIL</keyword> decided to 're-evaluate' Saudi Aramco's $15 billion investment in its O2C arm. </li><li> The current application with the NCLT for segregating the O2C business from RIL is being withdrawn.</li><li>RIL shall continue to be Saudi Aramco's preferred partner for investments in the private sector in India </li></ul><keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> Industries Limited (RIL) and Saudi Aramco have mutually agreed to re-evaluate the proposed investment of the latter in RIL's 'O2C' (Oil to Chemical). Consequently, the current application with the NCLT (National Company Law Tribunal) for segregating the O2C business from RIL is being withdrawn. In August 2019, both the companies had signed a non-binding Letter of Intent for a potential 20 per cent stake acquisition by Saudi Aramco in the O2C business of RIL. "Over the past two years, both the teams made significant efforts in the process of due diligence, despite Covid restrictions. This has been possible due to the mutual respect and long-standing relationship between the two organisations," RIL said in a statement on Friday. "Reliance recently unveiled its plans for the 'New Energy &amp; Materials' businesses by announcing the development of the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar. It will be among the largest integrated renewable energy manufacturing facilities in the world," it added. Jamnagar, which accounts for a major part of the O2C assets, is envisaged to be the centre for Reliance's new businesses of 'Renewable Energy &amp; New Materials', supporting the net-zero commitment. "Due to the evolving nature of Reliance's business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn," the statement said. "The deep engagement over the last two years has given both Reliance and Saudi Aramco a greater understanding of each other, providing a platform for broader areas of cooperation. Saudi Aramco and Reliance are deeply committed to create a win-win partnership and will make future disclosures as appropriate," it added. According to the statement, RIL shall continue to be Saudi Aramco's preferred partner for investments in the private sector in India and will collaborate with Saudi Aramco &amp; SABIC for investments in Saudi Arabia. "Saudi Aramco and RIL have a very deep, strong and mutually beneficial relationship, which has been developed and nurtured by both the companies over the last 25 years. Both are committed to collaborate and work towards strengthening the relationship further in the years ahead," the statement said. SEE ALSO <a href="https://www.businessinsider.in/thelife/news/tesla-hit-with-new-sexual-harassment-lawsuit-alleging-the-company-operates-like-a-frat-house/articleshow/87808968.cms" data-type="tilCustomLink">Tesla hit with new sexual harassment lawsuit alleging the company operates like a 'frat house'</a> <a href="https://www.businessinsider.in/investment/news/binances-ceo-is-buying-his-1st-home-in-crypto-friendly-dubai-and-confirms-its-us-affiliate-will-close-a-multi-million-dollar-funding-round-soon/articleshow/87807571.cms" data-type="tilCustomLink">Binance's CEO is buying his 1st home in crypto-friendly Dubai and confirms its US affiliate will close a multi-million dollar funding round soon</a> <a href="https://www.businessinsider.in/politics/world/news/kamala-harris-will-become-the-first-woman-to-have-control-over-us-nuclear-weapons-but-only-briefly/articleshow/87806057.cms" data-type="tilCustomLink">Kamala Harris became the first woman to have control over US nuclear weapons, but only briefly</a>

Reliance's $15 billion deal with Saudi Aramco has been called off

Reliance Industries, Tarsons Products, Asian Paints and other hot stocks on November 26

<ul><li><keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>’s chairperson Yasir al-Rumayyan’s appointment to the <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword>’s board</li><li>The strategic partnership with Saudi Aramco is a part of Reliance agenda to expand its oil-to-chemical business</li><li>Reliance is developing a Dhirubhai Ambani Green Energy Giga Complex to create solar energy</li></ul>Mukesh Ambani-led Reliance Industries officially announced the strategic deal with Saudi Aramco, at its 44th annual general meeting (AGM) held today at 2 p.m. The strategic partnership with oil major Saudi Aramco is a part of the company’s vision of achieving accelerated growth in its oil-to-chemical (O2C) business, Reliance’s Chairperson and Managing Director Ambani announced today. He further added that the partnership is expected to be “formalised in an expeditious manner during this year.” "We operationalised the JV [joint venture] with BP [of UK] in fuel retailing, using technology and innovation to deliver new customer value. The demand and margin environment for petrochemicals had recovered to pre-COVID levels by March. I am confident that our O2C [oil-to-chemicals] business will benefit from the strong global growth environment,” Ambani. Saudi Aramco’s chairperson Yasir al-Rumayyan’s appointment to the Reliance’s board is seen as another positive sign for this deal initially announced in 2019. “He 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 in the world,” Ambani said. Here are some of the highlights from Reliance Industries’ AGM <ul><li><keyword id="6484187" type="COMPANY" weightage="20" keywordseo="ril">RIL</keyword> to invest over ₹60,000 crore in new energy business: Ambani, at the 44th AGM, also specified Reliance Industries’ mega plans for green energy this year with four new projects -- integrated solar photovoltaic module factory, advanced storage battery factory, electrolyser factory, fuel cell factory. It has also established a Reliance New Energy Council. The company is working on its first integrated Solar Photovoltaic Gigafactory that will create solar energy. It targets to achieve costs that are lowest in the world to ensure affordability of our solar modules. Besides this, Reliance has started work on developing the Dhirubhai Ambani Green Energy Giga Complex on 5,000 acres in Jamnagar in Gujarat. “It will be amongst the largest such integrated renewable energy manufacturing facilities in the world,” Ambani said.</li></ul><ul><li>Reliance looks to boost its E&amp;P business: “In our E&amp;P [exploration and production] business, BP and Reliance commenced production in the KGD6 basin. Our JV brought two of our three toughest deep water gas projects to production. This has been accomplished in record time and set a new global benchmark for capital costs… This will establish Reliance again as one of the largest domestic producers of gas in India, meeting 20 percent of India's gas demand. E&amp;P will again be a source of significant value and sustained earnings growth over the next decade,' Ambani said.</li></ul><ul><li>Google and Reliance have announced a new 5G partnership today at the AGM: “As a part of these collaborations, Reliance will also shift its core retail businesses to Google cloud infrastructure. They will be able to take advantage of Google’s artificial intelligence (AI) and machine learning (ML), e-commerce and demand forecasting offerings. Harnessing the quality and performance of Google Cloud will enable these businesses to scale up as needed to respond to the customer demand. Empowering businesses as they embark on their digital journeys, is a key part of our mission in India. I am excited for the innovation this partnership will help unleash.”</li></ul><ul><li><keyword id="2003276" type="PERSON" weightage="20" keywordseo="Jio">Jio</keyword>Phone Next, a 4G smartphone developed by Jio and Google, will be available in India from September 10. “JioPhone Next is a fully featured smartphone supporting the entire suite of applications from both Google and Jio,” Ambani added.</li></ul>Here is a full list of highlights from <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword>’s virtual address at Reliance Industries’ AGM: <ul><li>“Jio became the first operation, outside of China, to achieve 400 million subscribers,” said Ambani.</li><li>Reliance Industries conducted 6.8%, or ₹1,45,143 crore, of India’s total merchandise export across 107 countries.</li><li>The company paid ₹21,044 crore for customs and excise duty. About ₹85,306 crore as goods and services tax (GST) and value added tax (VAT). Nearly, ₹3,213 crore as income tax.</li><li>Reliance added 75,000 new jobs in the financial year 2021.</li><li>Reliance Retail’s growth to triple in the next 3-5 years: “We are committed to grow our business so that we are among the top 10 retailers globally. I am confident that Reliance Retail is on a hyper growth trajectory to grow at least 3x in the next 3-5 years.”</li><li>“Today, Reliance is producing over 11% of India’s medical grade liquid oxygen,” <keyword id="7024" type="PERSON" weightage="20" keywordseo="Nita-Ambani">Nita Ambani</keyword>, a director of RIL, said in her address during the AGM.</li></ul>SEE ALSO: <h1 style="margin-bottom: 10px; padding-bottom: 15px; border-bottom: 1px solid rgb(238, 238, 238); font-variant-numeric: normal; font-variant-east-asian: normal; font-stretch: normal; font-size: 1.6rem; line-height: 1.2em; font-family: LabGrotesque-Black, Helvetica, Arial, sans-serif; vertical-align: baseline; color: rgb(17, 21, 22); background-color: rgb(255, 255, 255);"><a href="https://www.businessinsider.in/tech/mobile/news/jiophone-next-smartphone-announced-check-out-features-launch-date/articleshow/83806398.cms" data-type="tilCustomLink">Reliance announces JioPhone Next smartphone in partnership with Google – available from September 10</a> <a href="https://www.businessinsider.in/tech/news/jio-google-5g-announcement-google-cloud-reliance-retail-jiomart/articleshow/83807617.cms#:~:text=Jio's%20networking%20prowess-,Jio%20and%20Google%20come%20together%20for%205G%2C%20leveraging%20Google's,expertise%20and%20Jio's%20networking%20prowess&amp;text=Reliance%20will%20use%20Google%20Cloud,Android%20smartphone%2C%20the%20JioPhone%20Next." data-type="tilCustomLink">Jio and Google come together for 5G, leveraging Google’s cloud expertise and Jio’s networking prowess</a> <a href="https://www.businessinsider.in/tech/news/google-insiders-say-theyre-unhappy-with-its-risk-averse-style-as-the-company-grows-with-36-vps-quitting-in-a-year/articleshow/83748221.cms#:~:text=Google%20insiders%20say%20they're,VPs%20quitting%20in%20a%20year&amp;text=The%20New%20York%20Times%20found,shut%20down%20%22vanity%20projects.%22" data-type="tilCustomLink">Google insiders say they're unhappy with its risk-averse style as the company grows, with 36 VPs quitting in a year</a></h1>

Reliance Industries’ AGM — Mukesh Ambani officially announces Saudi Aramco as strategic partner

After effectively turning debt free, <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> (RIL) may see IPOs of its flourishing telecom arm Jio and retail business segment, unlocking additional shareholder value, Bernstein Research said in a report on Wednesday. RIL has raised USD 22.3 billion capital market through the sale of 24.7 per cent stake in <keyword id="9093411" type="COMPANY" weightage="20" keywordseo="Jio-Platforms">Jio Platforms</keyword> and USD 7 billion equity-raise. "Following the rights issues and 24.7 per cent sell down in Jio, RIL is now effectively debt free. We expect a break-up of the company in the next three-four years through the IPO of Jio and retail business segment which should further unlock shareholder value," the analyst said. Looking at the balance sheet, Reliance has significantly improved its financial position following the transactions, it said, adding that the net debt to equity will fall significantly from 0.51x in FY20 to 0.06x in FY21 which is the lowest in almost a decade. Given the USD 15 billion <keyword id="8360798" type="UNKNOWN" weightage="20" keywordseo="aramco-deal">Aramco deal</keyword> and free cash flow outlook in the next several years, net debt to equity could continue to fall beyond FY21, it said. Reliance is in talks with Aramco to sell a fifth of its USD 75 billion oil-to-chemical business. "The key question is what will Reliance do with the significant cash position? We think the priority for now is to reduce other liabilities on the balance sheet such as deferred payments and provisions which total in excess of Rs 50,000 crore," it said. Given the company's expansion into internet and retail, more investments including mergers and acquisitions seem highly likely, the brokerage said adding that refining and petchem could also see expansion with the Aramco partnership. "Overall, we expect RIL will continue to invest in growth over returning cash to shareholders," it said. While earnings will soften in FY21 due to COVID-19, the brokerage believed that RIL is at the start of a secular growth period driven by telecom, retail and new economy related business. "We estimate EBITDA for FY21 of Rs 86,000 crore, which is almost double what it was a few years ago," it said. "On our estimates, we believe that EBITDA can double again through to FY25, mainly through the growth in Jio and new business, while the energy related business will be relatively flat (assuming the 20 per cent divestment to Aramco)." It raised its price target for RIL from Rs 1,720 to Rs 1,870. "The higher valuation comes primarily from retail, media and other marketable investments on the balance sheet."

Reliance could soon be ready with the IPOs of Jio and its retail business

<keyword id="6355199" type="ORGANIZATION" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Ltd (RIL), India's largest company, on Thursday said its board has approved hiving off its USD 75 billion worth oil-to-chemicals business into a separate division to enable the sale of 20 per cent stake in the unit to Saudi national oil company Aramco. The hiving off will be subject to the approval of the National Company Law Tribunal. After the approval, the oil-to-chemical (O2C) business will become a separate vertical with independent balance sheet just like the conglomerate's digital arm, Jio Platforms. RIL had organised all its digital businesses including Reliance Jio that has 388 million telecom subscribers, into Jio Platforms. It last week agreed to sell a 9.99 per cent stake in Jio Platforms to <keyword id="319320" type="COMPANY" weightage="20" keywordseo="Facebook-Inc">Facebook Inc</keyword> for USD 5.7 billion. RIL Board "approved a Scheme of Arrangement for transfer of O2C Undertaking of the company to <keyword id="9147221" type="COMPANY" weightage="20" keywordseo="reliance-o2c-ltd">Reliance O2C Ltd</keyword> as a going concern on slump sale basis for a lump sum consideration equal to the income tax net worth of the O2C Undertaking as on the appointed date of the Scheme," it said in its fourth-quarter earnings statement. O2C undertaking of the company comprises entire oil-to-chemicals business of the company consisting of refining, petrochemicals, fuel retail and aviation fuel (majority interest only) and bulk wholesale marketing businesses together with its assets and liabilities. "The scheme is subject to necessary statutory/regulatory approvals under applicable laws including approval of National Company Law Tribunal," it added. In August last year, RIL head <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> had announced initial agreements to sell a 20 per cent stake in the oil-to-chemical business to <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword> for an asking of USD 15 billion. The deal covers all of Reliance's refining and petrochemicals assets as well as the remainder of stake the firm has in fuel retailing business after selling 49 per cent to BP Plc of UK for Rs 7,000 crore. The deal, which valued the oil-to-chemical business at USD 75 billion, was to close by March 2020 but it is now expected to close within the current calendar year. Reliance has pivoted away from energy to the new economy. But refining and petrochemicals are cash cows for Reliance and still account for the bulk of its EBITDA. As part of the August deal, Saudi Aramco will supply 500,000 barrels per day (25 million tonnes a year) of crude on a long-term basis to RIL's Jamnagar refinery complex (more than a third of the 1.36 million bpd refining capacity). The deals give Aramco and BP access to the fastest-growing refined fuels market in the world. Market analyst firm Bernstein in a recent report had stated that it expects RIL to grow their petrochemical and refining business given the secular growth opportunities. "While bears will argue that Reliance is stepping away from energy to digital, we see this deal as an opportunity to expand the downstream business in India with a solid partnership. For Aramco, the deal provides direct access to what is widely expected to be the fastest-growing refined oil product market over the next 20 years," it said. "For Reliance, it provides cash to fund the expansion of their digital business and further expansion of downstream capacity with an experienced partner." While talks with Aramco continue, the BP deal has been finalised. Reliance's existing 1,400-odd petrol pumps, as well as 31 aviation fuel stations, will be transferred to the new joint venture where BP will hold 49 per cent equity stake. Reliance will hold the balance 51 per cent in the entity, which aims to expand the retail network to 5,500 petrol pumps in the next five years. This is the third joint venture between Reliance and BP since 2011. BP had in 2011 bought 30 per cent stake in 21 oil and gas exploration and production blocks of Reliance for USD 7.2 billion. At that time, another 50:50 joint venture, <keyword id="838593" type="COMPANY" weightage="20" keywordseo="India-Gas-Solutions">India Gas Solutions</keyword>, was set up for sourcing and marketing gas in India. The country currently has 69,109 petrol pumps, with public sector retailers owning 61,811. PSU retailers have plans to double this network and have already started appointing dealers. Russia's Rosneft-backed Nayara Energy, formerly Essar Oil, has 5,702 petrol pumps and has plans to scale them up to more than 7,000 in two-three years. Royal Dutch Shell has 189 outlets and is slated to add 150-200 more petrol pumps. BP had in 2016 received a licence from the government to set up 3,500 petrol pumps in India. French energy giant Total SA too is keen on entering the Indian retail market and has tied up with Adani Group for the same. The Saudi national oil company, along with its partner UAE's Abu Dabhi National Oil Co (ADNOC) has taken a 50 per cent stake in a planned USD 60-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, and has a bullish outlook on India's energy demand and is keen on investing here. Reliance operates two refineries in Jamnagar, Gujarat, with a total capacity of 68.2 million tonnes per annum. It plans to expand its only-for-exports special economic zone (SEZ) refining capacity to just over 41 million tonnes from the current 35.2 million tonnes. Saudi Arabia, on the other hand, is keen to get a foothold in the world's fastest-growing fuel market to get a captive customer for the crude oil it produces. Crude oil is the basic raw material for the manufacturing of petrochemicals. Saudi Aramco is also keen on retailing fuel in India. A refinery in India can also be a base for it to export fuel to deficit countries in Europe and the Americas. India has a refining capacity of 249.9 million tonnes, which exceeded the demand of 213.7 million tonnes. See also: <a href="https://www.businessinsider.in/business/corporates/news/ril-rights-issue-ratio-pricing-and-value/articleshow/75474592.cms">Mukesh Ambani offers Reliance Industries shareholders 1 new share for every 15 held⁠— at a price 14% below market value</a> <a href="https://www.businessinsider.in/business/news/reliance-retails-operating-profit-grows-nearly-20-in-the-latest-fourth-quarter/articleshow/75474722.cms">Reliance Retail’s operating profit grows nearly 20% in the latest fourth quarter⁠⁠</a> <a href="https://www.businessinsider.in/business/news/tech-mahindras-net-profits-see-a-massive-32-drop-even-as-its-digital-business-is-treading-water-amidst-the-covid-19-crisis/articleshow/75472198.cms">Tech Mahindra’s net profits see a massive 32% drop even as its digital business is treading water amidst the COVID-19 crisis</a>

Reliance to hive off $75 billion oil-to-chemicals business into separate unit for sale to Aramco

Mumbai, Shares of the state-run petroleum major <keyword id="9997688" type="COMPANY" weightage="20" keywordseo="bharat-petroleum-corp-ltd-">Bharat Petroleum Corp. Ltd.</keyword> (BPCL) fell nearly five per cent a day after the deadline for submitting bids for the strategic sale of the company ended. Investor sentiments dampened as major energy giants including <keyword id="6355199" type="COMPANY" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, <keyword id="152170" type="COMPANY" weightage="20" keywordseo="Saudi-Aramco">Saudi Aramco</keyword>, <keyword id="32848" type="COMPANY" weightage="20" keywordseo="BP">BP</keyword> gave the bidding process a miss and did not submit <keyword id="81620" type="COMPANY" weightage="20" keywordseo="Expressions-of-interest">Expressions of Interest</keyword> for the 52.98 per cent of the stake on sale. Shares of BPCL on the BSE plunged 4.9 per cent to touch an intra-day low of Rs 392.35 per share. At 10.54 a.m., it was at Rs 397.70, lower by 3.63 per cent from its previous close. The government on Monday said that multiple EoIs have been received for divestment of Centre's stake in the company. Sources, however, said that several global players did not pitch in for the stake sale. Total and Russia's Rosneft also did not bid for the stake sale. The lack of interest among the major players comes on the back of the poor oil demand globally amid the pandemic and low oil prices. SEE ALSO:<a href="https://www.businessinsider.in/science/health/news/moderna-says-its-coronavirus-vaccine-is-94-5-effective-against-covid-19-a-crucial-victory-in-the-fight-against-the-pandemic/articleshow/79247349.cms" data-type="tilCustomLink"> Moderna says its coronavirus vaccine is 94.5% effective against COVID-19, a crucial victory in the fight against the pandemic</a> <a href="https://www.businessinsider.in/stock-market/news/dow-soars-375-points-to-near-record-as-modernas-vaccine-update-boosts-investor-optimism/articleshow/79249468.cms" data-type="tilCustomLink">Dow soars 450 points to new record as Moderna's vaccine update boosts investor optimism</a>

BPCL shares plunge 5% as major energy companies including RIL, Saudi Aramco and BP skip the race for stake sale

<ul><li>One of India's biggest conglomerates is changing character adapting to the compulsions of the digital age.</li><li>Satya Nadella's appearance was the big surprise at the AGM as Microsoft and Mukesh Ambani joined hands to take on Jeff Bezos' Amazon in areas like cloud computing and targeting small businesses for digital transformation.</li><li>RIL was already shifting focus to its consumer businesses like retail and telecom, but now it is aiming for large scale integration of interests wherever possible.</li><li>Money coming in from Aramco and BP will give RIL more muscle to aggressively take on incumbent telecom players like Airtel and Vodafone-Idea in not just mobile telephony but also in fixed line broadband, Jio Fibre, that will be launched on September 5.</li></ul>All eyes were on Mukesh Ambani today (August 12) who delivered his speech at Reliance Industries' 42nd Annual General Meeting (AGM). Here are the top ten takeaways from a historic speech that laid out the path for the transformation of one of India's biggest and fairly old conglomerate: 1. A $15 billion cash-out Saudi Arabia's state-owned oil producer, Aramco, will buy 20% stake in the Indian behemoth's oil-to-chemicals business, valuing the unit at $75 billion. This would make the investment from Aramco in RIL at about $15 billion. This partnership will be across refining and petrochemical assets. The Saudi government owned oil major will also supply 500 barrels of day crude oil to RIL’s Jamnagar refinery. “This signifies perfect synergy and world’ largest integrated refinery and petchem complex,” Ambani said. 2. More money, less debt Reliance Industries has a huge debt of about $21 billion. This has been a huge concern for investors lately which led to a fall in the stock price in the last few months. However, Ambani declared that the net debt will be zero by March 2021. The company has cash and cash equivalents of about $19.5 billion and another $15 billion from Aramco will help the company retire its massive debt. RIL will also get another $1 billion from its joint venture with BP. 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 3. Reliance Jio and Reliance Retail will be spun out Reliance Jio and Reliance Retail will be listed in the next five years, Mukesh Ambani told his investors. "There has to be an 18-month gap between the two listings, and therefore the five-year timeline may be crunched to 3 years," an analyst, SP Tulsian, explained on CNBC-TV18. 4. Satya Nadella comes for a cameo, but is here to stay The surprise guest at the AGM today was global tech icon Satya Nadella, the Chairman of Microsoft, who joined the RIL AGM. Microsoft and Reliance Industries have joined hands to take Jeff Bezos' Amazon head on. 
	
 
 
 
 
 
 
 <div type="image" title="Satya Nadella" msid="70641252" hostid="261" caption="&amp;lt;p&amp;gt;Microsoft CEO Satya Nadella speaks during an event to launch the Samsung Galaxy Note 10, Wednesday, Aug. 7, 2019, in New York.Photo/Mary Altaffer)&amp;lt;/p&amp;gt;"></div>















 "It is imperative to develop a nation-wide cloud infrastructure which is at the same time cutting-edge and affordable," he said. Microsoft will bring Azure into Jio data centres. Small businesses can get the voice/data services, marketing and sales solutions and all Microsoft tools package at a starting price of ₹1,500 a month. 5. The threat to Jeff Bezos Microsoft's tie-up with Jio will, probably, be the biggest challenge for Jeff Bezos in one of the world's biggest markets, India. Reliance will offer end-to-end digital stack to "enable and empower" small merchants currently at the mercy of other online retail platforms like Amazon and Flipkart (now owned by Walmart). This stack will include a point-of-sale payment device, which could be a $900 billion market, according to Jal Irani, analyst at Edelweiss Financial Services. 6. Once an oil giant, now immersed in technology Ambani's plan for digital transformation is that of convergence with the physical world. Reliance Industries plans to take long strides in spaces like 'Internet of Things' (IoT), cloud computing and a broadband ecosystem. So far, Jio had only one revenue stream, and now there will be four more streams of revenue that will kick in from the current financial year itself. "Within another 2 years, there will be over 2 billion connected devices in India, and Jio aims to have half of those on its IoT platform. This will be a ₹20,000 crore revenue opportunity and the commercial ops will begin from January 2020," Ambani said. 7. <keyword id="7975366" type="UNKNOWN" weightage="20" keywordseo="jio-fibre-launch-date">Jio Fibre launch date</keyword> and tariff plan Jio Fibre will be availabe starting September 5, the third anniversary of Jio's launch, across India. The full network roll-out for Jio Fibre in the next year. After disrupting mobile telephony, Ambani is targeting the fixed line broadband. Of the total 240 million households in India, the broadband penetration in India is only about 10% right now. That leaves Ambani to fight a large under-served market without having to offer deep discounts. Jio will come bundled with most-premium OTT applications. Jio will also release movies on its platforms on the same day as the theatres. Jio Fibre users subscribing for 'forever annual plans' will get an 4K LED television and a 4K set-top box. 8. The difference between Jio mobile and Jio Fibre However, this time Jio does not seem to burn cash offering discounts to win over customers but is betting more on offering more value for a reasonable price. The plans will cost anywhere between ₹700 and ₹10,000 per month. Any voice call on Jio will be free forever. The fixed line international calls will be cheaper by up to 90% of the existing industry tariffs. Calls to US and Canada from India on Jio will cost only ₹500 a month. 
 
 
 
 
 
 <div type="Article" hostid="261" msid="70639942" title="Jio Fibre's new tariff plans--free television, unlimited international calling and 100 mbps speed" mstype="2" mssubtype="0"></div>













 9. From content creator to content aggregator Jio seems to have changed focus from creating fresh content for its platform to building alliances with other OTT platforms. Ambani also revealed that Jio will be able to offer traditional TV channels to its customers. Earlier this year, RIL acquired controlling stakes in Hathway, Den and GTPL. Together, they give RIL access to 30,000 local cable operators. "We have designed a Jio set top box that will broadcast TV channels, for which the local cable operators will get a steady revenue. This set top box will be sold to all Jio Fibre customers," the RIL chairman said. Premium subscribers of Jio Fibre will also be able to watch newly-released movies at the comfort of their home on the day of their release in the theaters. This will be a huge setback for companies like Inox and PVR as Jio's offering may affect footfalls at multiplexes and box office collections too. 10. More bad news for Vodafone Idea and Airtel Jio's mobile phone services has about 340 million subscribers as of now. Ambani is targeting to take this number to over 500 million over the next few months. That would mean Jio will remain an aggressive player in the market and that's bad news for other players like Airtel and Vodafone Idea. Given that RIL is getting additional cash from Aramco and BP, and if it becomes a zero net debt company by March 2021, the company of its size and scale will only have more money to muscle out other players with its aggressive pricing. Other telcos are already in deep trouble after having fought Jio in the market for nearly three years with higher discounts, funded by higher debt. "Reliance Industries' stock may hit a new high, beating its previous high of about ₹1,400, in 2019 itself," SP Tulsian said. Expect a rally when the market reopens for trade on Tuesday (August 13). SEE ALSO: <a href="https://www.businessinsider.in/business/what-to-expect-from-mukesh-ambani-at-reliance-industries-agm/articleshow/70637794.cms" data-type="tilCustomLink" target="_blank"></a>

Mukesh Ambani's speech at the Reliance Industries AGM had ten big takeaways

<ul><li>During the <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Annual General Meeting, the stocks of the company fell by over 6%, making Ambani lose over $2.5 billion in wealth.</li><li>Ambani with a total wealth of $69 billion, has fallen behind Warren Buffet, Larry Page, Elon Musk, Sergey Brin all of whom he had beaten just in the last few days. </li><li>During the AGM, Ambani also spoke about the delay in the deal with Saudi Aramco, which could have triggered the fall in stocks.</li></ul>Reliance Chairman <keyword id="3820" type="PERSON" weightage="20" keywordseo="Mukesh-Ambani">Mukesh Ambani</keyword> was having a dream run at the stock market which resulted in him rising fast to the sixth rank in the <keyword id="962341" type="PERSON" weightage="20" keywordseo="Bloomberg-Billionaires-Index">Bloomberg Billionaires Index</keyword>. But during the Reliance Annual General Meeting, the stocks of the company fell by over 6%, making Ambani lose over $2.5 billion in wealth, dropping down four places to the 10th spot in the billionaires list. Ambani with a total wealth of $69 billion, has fallen behind Warren Buffet, Larry Page, Elon Musk, Sergey Brin all of whom he had beaten just in the last few days. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Billionaires </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wealth </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Jeff Bezos </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$179 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bill Gates </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$117 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bernard Arnault </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$95.1 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mark Zuckerberg </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$91.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Steve Ballmer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$74.9 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Warren Buffet </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$72.2 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Larry Page </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$71.7 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Elon Musk </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$70.6 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sergey Brin </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$69.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mukesh Ambani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$69 billion </td></tr></tbody></table>Source: Bloomberg Billionaires Index Reliance Industries stocks were trading at ₹1973.3 at 2 pm on Wednesday when the AGM began, but during the next one and half hours by the time markets closed, the stocks were down to ₹1842.35. On Thursday morning, Reliance share price stood at ₹1851.90. <div type="image" title="RIL 5 days." msid="76993015" hostid="261"></div> The fall in stocks came despite the fact that Reliance Jio got a $4.5 billion investment from Google, in the last of its investments for Jio Platforms. During the AGM, Ambani also spoke about the delay in the deal with Saudi Aramco, which could have triggered the fall in stocks. He said that while the Saudi Aramco deal for equity investment in the O2C business has not yet taken off as per the original timeline, Reliance values the two decade long relationship with Saudi Aramco and is very committed to a long term partnership. “One of the key reasons for the stock to correct post the AGM was the management's commentary that the Saudi Aramco deal has not progressed as per expectations and that the company will spin off their O2C business into a separate subsidiary. RIL and Saudi Aramco had signed a non-binding letter of intent in August 2019 wherein Saudi Aramco was looking at picking up a 20% stake in the O2C business at an enterprise value of $75 billion,” Jyoti Roy, DVP- Equity Strategist at Angel Broking told <a href="https://www.businesstoday.in/markets/company-stock/ril-share-price-falls-all-time-high-on-profit-booking-agm-mukesh-ambani/story/409964.html">Business Today.</a> Other analysts too agreed. “Deal with Saudi Aramco had not progressed as per the original schedule. Everyone was expecting a positive announcement on the deal progress. All other announcements are already known apart from google investment, plan to build affordable 4G smartphone and potential deployment of 5G services next year,” Abhijeet Bora, Senior Research Analyst at Sharekhan told <a href="https://economictimes.indiatimes.com/markets/stocks/news/ril-tanks-4-as-no-progress-announced-on-aramco-deal/articleshow/76978897.cms">Economic Times.</a> SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/checkout-mukesh-ambani-reliance-industries-annual-general-meeting-highlights/articleshow/76976243.cms">Mukesh Ambani AGM speech highlights — Reliance Industries announces Jio Glass, Google partnership and plans to build a new smartphone</a> <a href="https://www.businessinsider.in/business/startups/news/zerodha-founder-defends-the-self-valuation-of-nearly-a-billion-dollars-and-why-he-never-raised-funds-from-investors/articleshow/76991607.cms">INTERVIEW: Zerodha founder defends the ‘self-valuation’ of nearly a billion dollars⁠ — and why he never raised funds from investors</a>

Mukesh Ambani loses over $2 billion and drops down four places in the billionaires list⁠ — that’s how important the RIL-Aramco deal is

Mumbai, Jan 17 () Mukesh Ambani-led Reliance Industries is unlikely to close the deal for 20 per cent stake in its oil to chemicals business to Saudi Aramco by March 31 this year, according to a senior company official.
 In August last year, the company announced its plans to sell its 20 per cent stake in its flagship chemicals and refining business to Saudi Aramco in a deal valued at USD 15 billion.
 The deal, is aimed at cutting its massive debt and secure an assured supply of crude oil to its refineries, was expected to be closed by March 31, 2020.
 "...it will not be a deal which will get done by March 31. It's a large transaction, large cross border transaction, a complex transaction and so timeline is something we have to be realistic about," its joint chief financial officer V Srikanth told reporters here.
 He, however, said that the deal is making good progress and that there is engagement across teams.
 "If you are looking for guidelines, I am not the guy to give the timelines because we are bond by confidentiality. I can't be talking about timelines. We can only say we are progressing well," Srikanth added. 
 When asked if the companies would be signing the definitive agreements by March 31, he said, "we are trying to do it, but we cannot comment on timelines without engagement with them (Saudi Aramco)."
 During the company's annual general meeting in last August, Ambani had said that the Saudi Aramco and BP deals, along with the plans of deleveraging of telecom arm Jio's infrastructure assets will help Reliance become "a zero-net debt company within the next 18 months, that is by March 31, 2021.
 On the company's debt reduction plans, Srikanth said, "the intensity of capex has been coming off quarter on quarter. From Rs 30,000 crore of capex in the first quarter, it has reduced to Rs 19,000 crore in second to Rs 14,000 crore in the third. This is in line with what we had already said that the projects are getting completed, like the Jamnagar expansion, the Jio related capex is already done, and so this is the way it is going to be.
 "So we are earning more than what we are spending so its going to translate in reduction in levels of debt. Our broader target is to be debt free by FY2021," he added.
 The company's net debt levels have reduced from Rs 1.57 lakh crore in the second quarter of the fiscal to Rs 1.53 lakh crore in Q3 FY2020. PSK MR
MR

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