Reliance Industries share price rises 2% on reports of minority stake sell to Saudi Aramco

The company is likely to sell a minority stake in its oil-to-chemical division to Saudi Aramco.

Reliance Industries share price rose 2.5 percent intraday on February 19 following reports that the company is going to sell a minority stake in its oil-to-chemical division to Saudi Aramco.The company is keen to sign a binding agreement before the next annual shareholders meeting, which is due to take place before the end of September, as per the report.On February 17, Reliance Industries (RIL) announced the consolidation of its media and distribution properties under a single entity, which will see Network 18 Media & Investments, TV18 Broadcast, Hathway Cable & Datacom and Den Networks coalescing into a single unit.The appointed date for the merger shall be February 1, 2020.Reliance Industries is consolidating its media and distribution properties under a single entity, making Network 18 the vanguard of the conglomerate’s advance in the media and entertainment business.At 13:35 hrs, Reliance Industries was quoting at Rs 1,500.10, up Rs 34.00, or 2.32 percent on the BSE.Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.Exclusive offer: Use code “BUDGET2020” and get Moneycontrol Pro’s Subscription for as little as Rs 333/- for the first year. First Published on Feb 19, 2020 01:51 pm
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