New Delhi: Reliance Industries Ltd Chairman Mukesh Ambani on Monday said Saudi Aramco will invest 75 billion dollars in the conglomerate and have 20 per cent stake in its oil to chemicals (O2C) business.
“Saudi Aramco and Reliance have agreed to form a long-term partnership in our oil to chemicals division. Saudi Aramco will invest for a 20 percent stake in Reliance`s O2C division at an enterprise value of 75 billion dollars," Ambani.
Addressing the 42nd annual general meeting (AGM), Ambani said, “it is the biggest foreign investment for Reliance and one of the largest for India. The Partnership with Saudi Aramco will cover RIL's Refining and Petrochemicals assets, including 51 percent of the Petroleum Retail JV”.
Earlier this month, BP and Reliance had announced the formation of a new joint venture that will include a retail service station network and aviation fuels business across India.