The move by Reliance comes as India, the world’s third-biggest oil importer and consumer, is looking to diversify its oil supplies
India now boasts 259 billionaires, a remarkable increase of 38 from the previous year
Jio Financial plans to digitally deliver a range of products in the non-banking financial consumer market in India
The 5G services will be rolled out in the four metro cities of Delhi, Mumbai, Kolkata and Chennai by October
Gautam Adani had overtaken Mukesh Ambani as Asia’s richest man a few months earlier
Mukesh will continue to be the chairman of Jio Platforms Ltd, the flagship company that owns all Jio digital services brands
Reliance and Aramco had signed a non-binding letter of intent in August 2019 for a potential 20 per cent stake in Reliance’s oil-to-chemicals unit
A transaction would boost Aramco’s sales of crude to India
Aramco’s gearing fell to 19.4 per cent from 23 per cent at the end of 2020
A deal with Reliance would help the world’s biggest crude exporter join the ranks of the top oil refiners and chemical makers
The deal comes days after the emirate’s Mubadala Investment spent $1.2bn on a 1.85 per cent stake in Jio
Facebook invested $5.7bn in Jio in April for a roughly 10 per cent stake
In August, Reliance valued its oil-to-chemicals division at $75bn including debt, implying a $15bn valuation for a 20 per cent stake