• Thursday, July 25, 2024

Asia

Saudi Aramco chairman al-Rumayyan re-elected to Ambani’s Reliance board

Al-Rumayyan initially joined the Reliance board in 2021 for a term of three years. His first term concludes on July 18.

Yasir al-Rumayyan, chairman of Saudi Aramco, in November 2019. (Photo by -/AFP via Getty Images)

By: Shubham Ghosh

YASIR AL-RUMAYYAN, chairman of Saudi Aramco, has been reappointed as an independent director on the board of Reliance Industries Limited (RIL), an Indian conglomerate headquartered in Mumbai.

According to a filing with the BSE, approximately 84 per cent of shareholders supported his reappointment for a five-year term, while 16 per cent voted against it.

Al-Rumayyan initially joined the Reliance board in 2021 for a term of three years. His first term concludes on July 18.

Read: India’s Aether Industries enters pact with Saudi Aramco Technologies

In November 2021, a Reuters report indicated citing sources that RIL, owned by Indian billionaire Mukesh Ambani, and Aramco decided to cancel a deal that involved Aramco’s potential acquisition of a stake in Reliance’s oil-to-chemicals business, citing concerns over valuation. The bill was worth $15 billion (£11 billion).

Read: Reliance-Aramco proposed deal worth £11b shelved

Al-Rumayyan, 54, is the governor of Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, since 2015, and is also the chairman of English football club Newcastle United since 2021.

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