{"id":6802,"date":"2021-11-21T00:00:41","date_gmt":"2021-11-21T00:00:41","guid":{"rendered":"https:\/\/financeintellect.com\/home-page\/home\/?p=6802"},"modified":"2021-11-21T00:00:41","modified_gmt":"2021-11-21T00:00:41","slug":"without-the-15b-aramco-deal-where-is-reliance-headed","status":"publish","type":"post","link":"https:\/\/financeintellect.com\/home-page\/home\/without-the-15b-aramco-deal-where-is-reliance-headed\/","title":{"rendered":"Without the $15b Aramco deal, where is Reliance headed?"},"content":{"rendered":"
\n

Reliance scrapped a plan announced 2 years ago to sell a 20% stake in its oil business to Saudi Aramco. However, this $15b deal was called off on Friday.<\/p>\n<\/div>\n

\n

\u201cDue to evolving nature of Reliance\u2019s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context,\u201d Reliance Industries Limited said in a late Friday statement. It has also shelve plans to spin off this business into a separate entity.<\/p>\n<\/div>\n

What does this mean for investors and the market at large? Is this a\u00a0new worry for Reliance?<\/p>\n

Modi withdrew proposed farm laws:<\/h3>\n

Since the beginning, the farmers have accused the Modi government of favouring businessmen like Mukesh Ambani and Gautam Adani. In December 2020, they took out their anger on telecom infrastructure owned by Ambani\u2019s firm Reliance Jio. Around\u00a01,500 mobile towers<\/a>\u00a0were damaged in Punjab alone.<\/p>\n

After weeks of farmer protests, Mukesh Ambani\u2019s Reliance Industries (RIL) announced this month that the company\u00a0 wasn\u2019t going to embark on \u201ccorporate or contract\u00a0<\/a>farming<\/a>.\u201d It also promised to ensure its suppliers would always provide farmers a fair deal. The statement aimed to address farmer fears that farm reforms passed last year will exploit them and will\u00a0benefit large corporations<\/a>\u00a0such as Reliance that are expanding in the grocery business.<\/p>\n

Elon Musk\u2019s Starlink:<\/h3>\n

Unlike others, Starlink will be a satellite-based service. Its kit includes a dish antenna, a stand, its power supply and a wifi router.<\/p>\n

This difference is one reason for the excitement around SpaceX\u2019s India entry. It is also why, despite the heavy competition, Starlink may not find making space for itself an uphill task.<\/p>\n

Besides, customers are not rigid anymore. Indian users are nowadays adapting to new changes. So Starlink might have a great response.\u00a0Reliance Jio had a\u00a0subdued quarter this September<\/a>\u00a0as it saw its subscriber base erode for the first time in 10 quarters, putting the brakes on the Mukesh Ambani-led telco\u2019s juggernaut.\u00a0 Reliance Jio has traditionally suffered a much inferior rate of active subscribers when compared to its rivals Airtel and Vodafone Idea.<\/p>\n

Earlier this month, Starlink\u00a0registered a subsidiary in India<\/a>\u00a0\u2013 Starlink Satellite Communications \u2013 to seek licenses. It has already received more than\u00a05,000 pre-orders in the country<\/a>, according to its India director Sanjay Bhargava.<\/p>\n

It is set to begin talks<\/a>\u00a0with either Jio or Vodafone-Idea. A deal with the former will make the duo simply unbeatable, experts said.<\/p>\n

Amazon.com Inc. won a crucial court case:<\/h3>\n

Amazon.com Inc. won a crucial court case to halt billionaire Mukesh Ambani\u2019s planned $3.4 billion purchase of an indebted Indian retailer, a big boost to the global e-commerce giant\u2019s ambitions of dominating the country\u2019s $1 trillion retail market.<\/p>\n

\u201cThe court verdict puts a speed breaker on Reliance\u2019s retail dominance in India,\u201d said Devangshu Dutta, founder and chief executive officer of the Delhi-based retail consultancy, Third Eyesight. \u201cIt balances the competition with the larger American players, and gives Amazon a much-needed presence in physical retail.\u201d<\/p>\n

\"Reliance
Reliance share price nosedive to lowest ever in last 1 month<\/strong><\/figcaption><\/figure>\n

And finally the Aramco deal:<\/h3>\n

Reliance Industries has dropped plans to hive off its oil-to-chemicals (O2C) business, intended as part of a potential stake sale to Saudi Aramco, making way for fresh negotiations between the two companies.<\/p>\n

Some analyst noted that Aramco may have also had concerns that a large part of it\u2019s investment could be used to repay loans to RIL, which the Mukesh Ambani led firm may then use to fund its green energy related projects.<\/p>\n","protected":false},"excerpt":{"rendered":"

Reliance scrapped a plan announced 2 years ago to sell a 20% stake in its oil business to Saudi Aramco. However, this $15b deal was called off on Friday. \u201cDue to evolving nature of Reliance\u2019s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the […]<\/p>\n","protected":false},"author":3,"featured_media":6803,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3833,1,8,6,5,31],"tags":[76,115,36,248,4314],"class_list":["post-6802","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate","category-economy-and-politics","category-india-inc","category-opinion-makers","category-markets","category-news","tag-mukesh-ambani","tag-nifty","tag-nse","tag-reliance-industries-limited","tag-share-price"],"aioseo_notices":[],"yoast_head":"\nWithout the $15b Aramco deal, where is Reliance headed? - Finance Intellect<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financeintellect.com\/home-page\/home\/without-the-15b-aramco-deal-where-is-reliance-headed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Without the $15b Aramco deal, where is Reliance headed? - Finance Intellect\" \/>\n<meta property=\"og:description\" content=\"Reliance scrapped a plan announced 2 years ago to sell a 20% stake in its oil business to Saudi Aramco. 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