RIYADH: Reliance Industries Limited has said they will be reevaluating a proposal by Saudi Aramco to acquire a stake in the Indian company"s chemical business. “Due to [the] evolving nature of Reliance’s business portfolio, Reliance and Saudi Aramco have mutually determined that it would be beneficial for both parties to re-evaluate the proposed investment in O2C business in light of the changed context. Consequently, the current application with NCLT for segregating the O2C business from RIL is being withdrawn,” Reliance said in a statement on Friday. The firms signed a letter of intent in 2019 for Aramco, the world’s top oil exporter, to acquire a 20 percent stake of the oil-to-chemicals (O2C) business of Reliance. Reliance said Aramco will continue to be a prefered partner for investments in India and will work with it and SABIC for investments in the Kingdom. “The deep engagement over the last two years has given both Reliance and Saudi Aramco a greater understanding of each other, providing a platform for broader areas of cooperation,” the statement said.