- Tuesday, July 02, 2024
Al-Rumayyan initially joined the Reliance board in 2021 for a term of three years. His first term concludes on July 18.
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.
