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Aramco to invest $15bn in Reliance Industries Limited
Posted on 13th August 2019
Reliance Industries Limited (RIL) is set to divest a 20 per cent stake in its oil-to-chemicals business to Saudi Aramco, enabling the Indian conglomerate to shed debt, while giving Aramco improved access to a fast growing market.

Saudi Aramco is offering Reliance $15 billion for the stake — one of the largest foreign direct investments into India. RIL will get another $1 billion, or Rs 7,000 crore, from a joint venture with BP that will retail auto fuels and ATF in the country.

The twin mega deals were announced by Mukesh D. Ambani, chairman and managing director of RIL, at the company’s 42nd annual general meeting (AGM) here on Monday. The deals are expected to play a key role to make RIL a zero net-debt company over the next 18 months.

A statement from RIL said it would form a long-term partnership with Aramco in the oil-to-chemicals (O2C) business. Reliance had reported revenues of Rs 5.7 lakh crore in the previous year in this segment.

Under the deal, Aramco will pick up a 20 per cent stake at an enterprise value of $75 billion for the division.

According to a Bloomberg analysis, the Ambanis have driven a hard bargain and extracted a higher price than warranted from Aramco for the right to establish a beachhead — just the opposite of what everyone seems to believe. The proposed investment by Saudi Aramco is subject to customary approvals.

Related Companies: Reliance Industries Limited (RIL)   

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Tata Motors plans to add 100 new passenger vehicle outlets by FY 20 end
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Yes Bank objects to Blackstone's buyout of Coffee Day's tech park
Posted on 9th December 2019
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In 8th cut this year, SBI reduces MCLR by 10 bps across all tenors
Posted on 9th December 2019

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Sonia Gandhi turns 73; PM Modi wishes Congress president
Posted on 9th December 2019
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Maharshtra Seamless surges 4% on bagging order from ONGC
Posted on 9th December 2019

Shares of Maharashtra Seamless rose 3.7 per cent to Rs 373 on the BSE on Monday on receipt of an order from Oil and Natural Gas Corporation (ONGC) worth Rs 500 crore.

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