Saudi Aramco Chairman Yasir May Join Reliance’s Board

Saudi Aramco chairman Yasir may join Reliance’s board, a deal to be worth $ 15 billion.

Saudi Aramco chairman Yasir Al Rumayyan may be included in Reliance’s board before the $15 billion deal. This speculation has been made in the report of HSBC Global Research.

The report said that during the annual general meeting to be held on June 24, an announcement could be made to include Al Rumayyan on the board of Reliance or on the board of the newly formed Oil to Chemical unit.

During this time, some important announcements are also expected on the deal between Reliance and Saudi Aramco.

Mukesh Ambani had told in August 2019 that talks are on with Saudi Aramco to sell a 20 percent stake in the oil to chemical business.

The deal was supposed to be completed by March 2020, but it did not happen due to some reasons.

This year talks have started again. It is being told that both the companies are in discussion on cash and share deals for the deal.

Both Reliance and Saudi Aramco did not respond to emails sent for comment. Emails sent to PIF also did not elicit any response. PIF has already taken a minority stake in Reliance Retail and Jio.

Billionaire Mukesh Ambani had in August 2019 announced talks for the sale of a 20 percent stake in the oil-to-chemical (O2C) business.

These include its two oil refineries in Jamnagar, Gujarat, and petrochemical assets to the world’s largest oil exporter.

The deal was to end by March 2020, but the reason for the delay was not disclosed by any of the companies.

Need to be cautious about Fiscal Balance, by 2024-25, Center should bring deficit at 4.5% and States at 3%: RBI’s advice

The second wave of Corona has definitely created trouble on various fronts of the economy, but so far no major challenge has come on the revenue collection front.

In such a situation, the Reserve Bank of India has advised the central government that despite all the challenges, there is a need to be more careful about the expenditure.

The Center should try its best that according to the roadmap of fiscal balance presented in the Union Budget 2021-22, there should be no hesitation in reducing the gross fiscal deficit to the target of 4.5 percent by 2024-25.

At the same time, there should be a strategy to keep the combined gross deficit of the states at three percent (relative to the gross domestic product-SGDP of the states).

The combined fiscal deficit of the Center and the states in 2020-21 has been 13 percent.