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Saudi Aramco to take 20pcin Reliance's refinery, highest FDI in India

Published: August 12, 2019 16:55:26 | Updated: August 16, 2019 12:30:32


Mukesh Ambani on Monday announced that Saudi oil giant Aramco has agreed to take a 20 per cent stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of USD 75 billion, according to a report by www.indiatoday.in.

Making the announcement at Reliance Industries' 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company.

As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance's twin refineries at Jamnagar in Gujarat.

Saudi Aramco will take 20 per cent stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex.

The Saudi national oil company, along with its partner UAE's Abu Dabhi National Oil Co (ADNOC) has taken a 50 per cent stake in a planned USD 60-billion mega refinery-cum-petrochemical complex in Maharashtra by state-owned oil companies, has a bullish outlook on India's energy demand and is keen on investing here.

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