Home »  Website »  Business »  Saudi Aramco To Invest $75 Bn In Reliance's Oil To Chemicals Business: Mukesh Ambani

Saudi Aramco To Invest $75 Bn In Reliance's Oil To Chemicals Business: Mukesh Ambani

Under the deal, Saudi Aramco will also supply 5,00,000 barrels per day of crude oil on a long-term basis to RIL's Jamnagar Refinery, Mukesh Ambani said.

Saudi Aramco To Invest $75 Bn In Reliance's Oil To Chemicals Business: Mukesh Ambani
Mukesh Ambani, the Reliance Industries Chairman, addresses 42nd annual meeting. (ANI)
Saudi Aramco To Invest $75 Bn In Reliance's Oil To Chemicals Business: Mukesh Ambani
outlookindia.com
2019-08-12T12:44:03+0530

Reliance Industries (RIL) Chairman Mukesh Ambani on Monday said that Saudi Aramco will acquire 20 per cent stake in RIL's oil-to-chemical business.

Speaking to shareholders during the 42nd Annual General Meeting of the RIL, Ambani said that Saudi Aramco or the Saudi Arabian Oil Company would buy the stake for an enterprise value of $75 billion.

He described the deal as the largest foreign direct investment in India.

He, however, noted that the investment is subjected to due diligence and regulatory approvals.

Under the deal, Saudi Aramco will also supply 5,00,000 barrels per day of crude oil on a long-term basis to RIL's Jamnagar Refinery, he said.

Saudi Aramco is one of the largest companies in the world by revenue and is said to be among the most profitable companies in the world.

This comes as a major announcement days after RIL had said it has entered into a joint venture with the British petroleum major BP for the former's petroleum retail business, with BP having 49 per cent stake in the venture.

The RIL Chairman on Monday said that the deal with BP would fetch Rs 7,000 crore to RIL.

(IANS)

Next Story : I Count On Gareth Bale And James Rodriguez 100 Per Cent: Real Madrid Coach Zinedine Zidane
Download the Outlook ​Magazines App. Six magazines, wherever you go! Play Store and App Store
THE LATEST ISSUE
CLICK IMAGE FOR CONTENTS
  • PHOTO
  • NEWS
  • BLOGS
  • LATEST
Online Casino Betway Banner



Advertisement

OUTLOOK TOPICS :

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z 0 1 2 3 4 5 6 7 8 9

or just type initial letters