India's Reliance Industries chairman Mukesh Ambani announced on Thursday that Yasir Al Rumayyan, chairman of Saudi Aramco will join the board of the Indian petrochemical giant as an independent director.
Ambani made the announcement during the 44th Annual General Meeting of the company, reports the NDTV.
"Delighted to welcome Saudi Aramco Chairman on eliance Industries board," Ambani said.
This move is likely to pave the way for a deal between the two petrochemical giants.
Yasir Al-Rumayyan is also the governor of the Kingdom of Saudi Arabia's wealth fund, Public Investment Fund.
"He (Yasir Al Rumayyan) is one of the most renowned names in energy finance and technology globally. I am sure that we will immensely benefit from his rich experience with one of the world's largest companies, and also one of the largest Sovereign Wealth Funds in the world," Ambani said.
Mukesh Ambani expressed optimism that Yasir Al Rumayyan's induction onto the Reliance Board is the beginning of internationalisation of Reliance.
This is the second year in a row that the annual event is being held virtually amid the second wave of the Covid-19 outbreak.