Added on : 2019-08-13 07:59:34
In the second-largest foreign investment in India, Saudi Aramco, the world’s biggest oil producer and the most profitable company in history, will acquire a 20% stake in Reliance Industries’ refining and petrochem businesses for $15 billion. TOI was the first to report about the impending deal in its April 17 edition this year.
The investment, subject to due diligence and regulatory approvals, will help RIL, India’s largest private sector company, cut its debt of Rs 1.54 lakh crore ($22 billion). RIL chairman Mukesh Ambani made the announcement at the company’s annual shareholder meeting here on Monday. The deal signifies “the perfect synergy” between the two companies, Ambani said.