Environmental, social and governance or ESG criteria was a key factor behind the abandonment of a planned investment by Saudi Aramco in Reliance Industries Ltd’s oil-to-chemicals (O2C) business, two people aware of the matter said.
RIL’s plan to sell a 20% stake in the business to the world’s largest oil producer also faced other hurdles such as differences in valuation, new energy and net-zero emission targets of both firms, the people said, requesting anonymity.
