MUMBAI, Nov 20 — India’s Reliance oil-to-telecoms giant is abandoning a US$15 billion deal for Saudi Aramco to buy a 20 per cent stake in its oil refining and chemicals unit, it said, as the firm pivots towards renewable energy.
But Reliance and other major Indian firms have since poured billions of dollars into green power as the government pushes to reduce its dependence on imported fossil fuels and as the country’s cities are assailed by pollution. Ambani in June this year pledged to invest US$10 billion in renewable energy over the next three years.
It was withdrawing a legal application that would have paved the way for Saudi Aramco to take the stake in its oil-to-chemicals division, it added.
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