Shareholders of Reliance Industries Ltd (RIL) on Monday began voting on a resolution seeking to appoint Aramco chairman Yasir Othman al Rumayyan as an independent director on the board of the company.
The Mukesh Ambani-led firm is seeking shareholder approval through a postal ballot. It is seen as a precursor to the much-anticipated Aramco investment in RIL’s oil-to-chemical (O2C) business.
Reports indicate that the oil giant may pick up a 20 per cent stake in the business which RIL plans to spin off later this year. Aramco is believed to have offered to make the up to $25-billion deal through a mix of cash and its stock wherein RIL could be offered a 1 per cent stake in the Saudi entity and the rest in staggered cash payments.
While RIL shareholders have already approved the demerger of the O2C business, this is now pending with the National Company Law Tribunal.
Al Rumayyan is also the governor of the Saudi Public Investment Fund — one of the world's largest sovereign wealth funds which he has been heading since 2015, leading all its areas of operation.
He also serves as an adviser to the general secretariat of the cabinet of ministers of Saudi Arabia. He has over 25 years of experience in working with some of Saudi Arabia’s prominent financial institutions.
RIL has engaged the services of KFin Technologies Pvt Ltd, Registrar and Transfer Agent to provide remote e-voting facility to its members.
The e-voting facility, which began on Monday, will end on October 19 at 5pm.
