Reliance Industries  signalled a tectonic shift in its decades-long, successful business model of going it alone by proposing to offload stake in its oil-to-chemicals business to Saudi Arabian giant Aramco for an enterprise value of $75 billion (around Rs 5.3 lakh crore). It also announced that it will henceforth forge partnerships for major businesses with global giants and confirmed reports of strategic interest in its telecom and retail businesses 
Saudi Aramco has agreed to buy 20% in the oil-to-chemicals division, the core business of RIL. However, the global oil giant will only have an economic interest for the first five years, not a direct equity stake. The oil-to-chemicals business will function as a division of RIL. Aramco will pick up a direct stake after five years, when the division will be spun off into a separate company and become a subsidiary of RIL.