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India's biggest FDI deal: Saudi Aramco to buy stake in RIL for $15 bn

Aug 13, 2019 12:23 IST

Reliance Industries Chairman Mukesh Ambani has announced that Saudi Aramco will buy a 20% stake in Reliance's oil-to-chemical business. The deal will reportedly be worth at an enterprise value of $75 billion or over ₹5.3 lakh crore and Saudi Arabia-owned oil firm will supply 5 lakh barrels of oil per day to Jamnagar refinery. Ambani during his speech at the 42nd Annual General Meeting said that his oil-to-chemical business collected ₹5.7 lakh crore in revenues and its exports have grown to 2.2 lakh crore. He further said that the deal is subjected to regulatory approvals and due diligence and will include 51% stake in RIL-BP joint venture.