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Reliance Industries zooms on signing non-binding LOI with Saudi Aramco

Reliance Industries is currently trading at Rs. 1256.35, up by 94.35 points or 8.12% from its previous closing of Rs. 1162.00 on the BSE.

The scrip opened at Rs. 1240.00 and has touched a high and low of Rs. 1270.00 and Rs. 1225.30 respectively. So far 503355 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1417.00 on 03-May-2019 and a 52 week low of Rs. 1017.00 on 25-Oct-2018.

Last one week high and low of the scrip stood at Rs. 1270.00 and Rs. 1095.65 respectively. The current market cap of the company is Rs. 736602.08 crore.

The promoters holding in the company stood at 47.29%, while Institutions and Non-Institutions held 36.30% and 16.42% respectively.

Reliance Industries (RIL) and Saudi Aramco have signed a non-binding Letter of Intent (LOI) regarding a proposed investment in the Oil to Chemicals (O2C) division comprising the Refining, Petrochemicals and fuels marketing businesses of RIL. Saudi Aramco to acquire 20% stake in O2C division of the company and it is based upon an Enterprise Value of $75 billion. This would be one of the largest foreign investments ever made in India.

Saudi Aramco and RIL have a long-standing crude oil supply relationship of over 25 years. The proposed investment would result in Saudi Aramco supplying 500 KBPD of Arabian crude oil to the Jamnagar refinery on a long term basis.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

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