Reliance welcomes Saudi Aramco chairman Rumayyan into RIL board

Mukesh Ambani said that Reliance will benefit from Yasir Al-Rumayyan’s experience as he comes from one of the world’s largest companies and also from one of the largest sovereign wealth funds in the world.

Reliance Industries chairman Mukesh Ambani on Thursday announced Saudi Aramco as its strategic partner in its Oil to Chemical business and announced Yasir Al-Rumayyan as an independent director in its board.

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, arrives to address the company's annual general meeting in Mumbai. (REUTERS)

“We are delighted to welcome his excellency Yasir Al-Rumayyan, the chairman of Saudi Aramco and the governor of the Public Investment Fund (PIF), to join the board of Reliance Industries Limited as an independent director. Yasir Al-Rumayyan is one of the most renowned names in energy finance and technology globally,” Ambani said during the 44th annual general meeting of the company.

Mukesh Ambani, Asia’s richest man, said that Reliance will benefit from Yasir Al-Rumayyan’s experience as he comes from one of the world’s largest companies and also from one of the largest sovereign wealth funds in the world. “His joining marks the beginning of the internationalisation of Reliance,” Ambani said.

Ambani said that Reliance and British Petroleum will continue exploration and production and said that this venture led to the commencement of production in two of three toughest deep water gas projects owned by Reliance and BP.

Ambani said that there will be a rapid resurgence in the Indian economy and said that Reliance will be key players in Indian economy’s post-Covid resurgence. Among other major announcements, Ambani highlighted Reliance's consolidated revenue of ₹540,000 crore in the past year and said that it earned a net profit of ₹53,739 crore. He also said that Reliance remains as one of the highest GST and income tax payer in the private sector.

“I foresee that Indian economy will bounce back at a rate that will surprise others. Prosperities and opportunities will be created for everyone in a way never seen before,” Ambani said.