We are committed to a long-term partnership with Saudi Aramco, Ambani said adding that the company is targeting to become net carbon-neutral by 2035.
Due to unforeseen circumstances and COVID-19, the deal with Saudi Aramco has not progressed as per the earlier timeline, said Mukesh Ambani at Reliance Industries 43rd Annual General Meeting.
"Nevertheless, we at Reliance value our over two-decade-long relationship with Saudi Aramco and are committed to a long-term partnership," Ambani said. "We will approach NCLT with our proposal to spin off our O2C business into a separate subsidiary to facilitate this partnership opportunity. We expect to complete this process by early 2021."
Track all the updates on RIL AGM by following our LIVE blog here
Ambani said that RIL's O2C business has outperformed the sector and delivered an EBITDA of Rs 55,394 crore despite the COVID-19 led uncertainty.
"Globally this year, business and consumer activity had come to a halt leading to unprecedented demand destruction and dislocation of margins. Despite that, I am glad to report that all our manufacturing facilities continued to operate at over 90 percent capacity utilisation," Ambani said adding that the company was able to enhance its petrochemical and fuel exports by over 2.5 times in just two weeks during the lockdown.
"I am proud to share with you that in April 2020, our O2C business accounted for nearly 50 percent of India's exports. Our O2C business has competitive feedstock streams that are the building blocks for specialty and new value chains of Acetyls, Acrylates, Phenols and Polyurethanes."
Speaking on entering strategic partnership in O2C business, Ambani said that RIL has been approached by some global companies, the partnership with who will help RIL "build competitive manufacturing capacity at our existing sites to serve the deficit Indian market that still depends on large-scale imports of chemicals. "
Follow all of our coverage on RIL's 43rd annual general meeting here Also read
- RIL 43rd AGM: Reliance Jio and Google partner to build an affordable Android-based 5G smartphone for India
- RIL 43rd AGM: Google will invest Rs 33,737 crore for 7.7% in Jio Platforms
- RIL AGM: Nearly half of Google's India Digitisation Fund to go into Jio
- RIL 43rd AGM: Jio develops made-In-India 5G solution
- RIL AGM key highlights: Mukesh Ambani announces Google deal; Jio readies 5G solution
- RIL AGM: Capital raise complete, now only look to add strategic partners, says Chairman Mukesh Ambani
- RIL AGM 2020: In its latest offerings, Reliance announces JioTV+ and Jio Glass
- RIL AGM: Reliance launches Jio Glass for best-in-class mixed reality experience
- RIL 43rd AGM: Saudi Aramco deal has not progressed as per earlier timeline: Mukesh Ambani
- RIL AGM: JioMart successfully piloted, will expand beyond groceries
- RIL AGM: Will induct global partners into Reliance Retail, says Mukesh Ambani
- RIL AGM: Reliance Retail only Indian company in Top 100 global retailers, says Mukesh Ambani
- RIL AGM: No better partner for Indian startups than Jio, says Chairman Mukesh Ambani
- RIL AGM: Isha Ambani says JioMeet, Embibe helping students get access to quality education online
- RIL AGM: Isha Ambani says JioMeet, JioHealthHub to provide end-to-end digital health servicesDisclaimer: Reliance Industries Ltd is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd