Companies

Chairman of Saudi Aramco to join RIL board

Our Bureau Mumbai | Updated on June 24, 2021

Yasir Al-Rumayyan will join as an independent director

 

Yasir Al-Rumayyan, Chairman of Saudi Aramco and the Governor of the Public Investment Fund, will join the Board of Reliance Industries Limited as an independent director.

"He is one of the most renowned names in energy and finance globally. 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 internationalisation of Reliance," Mukesh Ambani said while addressing the shareholders.

Also read: As Aramco’s profit plunges 44.4% in 2020, a deal with Reliance looks tougher

On the strategic partnership with Saudi Aramco, Ambani said that as an important part of the vision of achieving accelerated growth, "we look forward to welcoming Saudi Aramco as a strategic partner in our O2C business.” Despite several challenges due to Covid-19, we have made substantial progress in the past year in our discussions, he said.

"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 strong relationship between Saudi Aramco and Reliance. I expect our partnership to be formalised in an expeditious manner during this year," he said.

Earlier on June 19, BusinessLine had reported that RIL is likely to announce the appointment of Saudi Aramco and Governor of the kingdom's wealth fund Public Investment Fund, Yasir Al-Rumayyan, on its board.

 

Read The story: At RIL AGM, from 5G, affordable phone to laptop

Published on June 24, 2021

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