Saudi Aramco to buy 20% stake in RIL's oil-to chemical business

New Delhi, Aug 12: Reliance Industries (RIL) Chairman Mukesh Ambani on Monday said that Saudi Aramco will acquire 20 per cent stake in RIL's oil-to-chemical business.

Speaking to shareholders during the 42nd Annual General Meeting of the RIL, Ambani said that Saudi Aramco or the Saudi Arabian Oil Company would buy the stake for an enterprise value of $75 billion.

He described the deal as the largest foreign direct investment in India.

He, however, noted that the investment is subjected to due diligence and regulatory approvals.

Under the deal, Saudi Aramco will also supply 5,00,000 barrels per day of crude oil on a long-term basis to RIL's Jamnagar Refinery, he said.

Saudi Aramco is one of the largest companies in the world by revenue, and is said to be among the the most profitable companies in the world.

This comes as a major announcement days after RIL had said it has entered into a joint venture with the British petroleum major BP for the former's petroleum retail business, with BP having 49 per cent stake in the venture.

The RIL Chairman on Monday said that the deal with BP would fetch Rs 7,000 crore to RIL.