In 2019, when Reliance and Aramco signed a non-binding letter of intent for a potential 20% stake in Reliance’s $15 billion oil to chemicals unit, Reliance Industries’ Chairman, Mukesh Ambani told shareholders that this would be the biggest ever investment in an Indian company. Two weeks ago, Reliance scrapped this deal with Aramco citing evolving nature of its business portfolio. So, what exactly is this evolving nature of its business that led to the calling of the deal, let’s find out.
