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Saudi Aramco To Acquire 20% In Reliance Industries' Oil-To-Chemicals Business


Reliance Industries Chairman Mukesh Ambani announced that Reliance Industries is getting into a long term partnership with Saudi Arabian giant, Saudi Aramco, where Aramco will acquire 20 per cent of stake in oil-to-chemicals business of Reliance.

Mr Ambani announced this while speaking to his shareholders at the company's 42nd Annual General Meeting of the company in Mumbai.

"This will be the biggest foreign investment in the history of Reliance. It is also amongst the largest foreign investments ever in India," Mr Ambani said.

The deal values Reliance Industries' oil-to-chemical business at $75 billion, an approximate amount of Rs 5 ...


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