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RIL announces India’s biggest FDI deal; Saudi Aramco to pick 20% stake in its OTC biz

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Reliance Industries (RIL) Chairman Mukesh Ambani on Monday announced a deal with Saudi Aramco, which he termed as India's largest foreign direct investment till date.

As per the deal, Saudi Aramco will acquire a 20 per cent stake in Reliance's oil-to-chemicals (OTC) business at an enterprise value of $75 billion. Oil-to-chemicals division, formed by combining refining and petrochemicals businesses, coverts petroleum into chemicals and achieved Rs 5.7 lakh crore revenue in FY19.

Ambani was addressing shareholders at the 42nd AGM of the company in Mumbai. He said the Saudi Aramco deal will take place at an enterprise value of $75 billion, subject to regulatory clearance.

Saudi Aramco will also supply 5,00,000 barrels per day of crude oil on a long-term basis to RILs Jamnagar Refinery, the worlds largest refining facility as per the deal.

Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national petroleum and natural gas company based in Dhahran, Saudi Arabia. It is one of the largest companies in the world by revenue, and is said to be the most profitablRead More – Source
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