RIL and Aramco inked a non-binding letter of intent in August 2019 for the Saudi giant to buy a 20% share in Reliance s Oil to chemical business for $15 billion.
The RIL said it has withdrawn its application with the National Company Law Tribunal (NCLT) for segregating its oil-to-chemicals (O2C) business, after arriving at a mutual decision with Saudi Aramco to reassess the oil giant's proposed around $15 billion investment in RIL's O2C business.