Saudi Oil Company Aramco Acquires 20% Stake in Reliance Refinery for $75 bn
Mukesh Ambani the owner of Reliance group announced that Saudi oil giant Aramco has agreed to take a 20 percent stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of USD 75 billion (around Rs 5,32,466 crore).
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 percent 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...