INSUBCONTINENT EXCLUSIVE:
The partnership will cover all of Reliance Industries' refining and petrochemicals assets.
Reliance
Industries chairman and managing director Mukesh Ambani said on Monday that Saudi Aramco will buy a 20 per cent stake in his group's
The deal values Reliance Industries' oil-to-chemical business at $75 billion and the Saudi oil major Aramco will pay $15 billion for the 20
per cent stake in the company
"This would be the biggest foreign investment in the history of the company," said Mr Ambani, addressing shareholders at Reliance
Industries' 42nd annual general meeting held at Birla Matushree Sabhagar in Mumbai
Here are 10 things to know about the Reliance Industries-Saudi Aramco deal:Saudi Aramco will invest $15 billion for buying 20
per cent in the Reliance Industries oil-to-chemicals division.Saudi Aramco will also supply 5,00,000 barrels of crude oil a day on a
long-term basis to Reliance Industries' Jamnagar refinery, Mr Ambani said."This signifies perfect synergy between the world's largest oil
producer and the world's largest integrated refinery and petrochemicals complex," he added.The deal should be completed by March and is
subject to due diligence, definitive agreements and regulatory and other approvals, the billionaire added.Aramco has been targeting refining
deals in India since at least last year, when chief executive officer Amin Nasser told reporters that the firm wanted to double its capacity
to produce gasoline and other fuels.Saudi Aramco, the world's biggest oil producer, has been in talks with Reliance Industries on the
stake sale as it plans to secure new markets for its crude.This partnership will cover all of Reliance Industries' refining and
petrochemicals assets, including 51 per cent of the Petroleum Retail JV."Since its inception, our Jamnagar refinery has been processing
Saudi oil every single day for 20 years
Now we have transformed our longstanding relationship of two decades, based on mutual trust, into a Partnership of growth potential for many
I feel privileged to welcome Saudi Aramco, which is the largest business enterprise in the world," Mr Ambani said."I am grateful to the
visionary leaders, Honourable Prime Minister Shri Narendra Modi and His Royal Highness Crown Prince Mohammad bin Salman Al Saud, who have
laid the foundation for strategic cooperation between India and the Kingdom of Saudi Arabia," he added.At the annual general meeting Mr
Ambani also said that the Reliance Industries will become zero-net debt company within the next 18 months.(With agency inputs)Get Breaking
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