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Business Headlines: World’s most profitable company to buy stake in Reliance

Saudi Aramco, the world’s most profitable company in history, is contemplating to acquire a stake of 25% in the refining and petrochemical businesses of Reliance Industries Ltd, India’s largest company. Talks between the two oil producing giants was said to have gathered momentum after the visit of Saudi Crown Prince Mohammed Bin Salman’s visit to India in February, during which he met Reliance Industries’ Chairman, Mukesh Ambani. We give you all the details including valuation and other metrics in the planned buyout of the oil and gas behemoth. Mehul Choksi and his company Gitanjali Gems has had a fall from grace within a span of 6 years. Having defaulted on payment of dues to the tune of 12,500 crores, Gitanjali Gems, has gone from being the poster boy of the diamond industry to now facing liquidation. According to a notice filed on the BSE’s website, a committee of creditors comprising of 31 financial creditors, with a majority of 54% did not approve an extension beyond the mandatory 180 days deadline under the Insolvency & Bankruptcy Act, thereby sending Gitanjali Gems into liquidation even as its chairman Mehul Choksi remains a fugitive. #Aramco #MukeshAmbani #RelianceIndustries #RIL #MehulChoksi #GitangaliGems

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