Business

Saudi Aramco to invest $75 billion in Reliance's oil to chemicals business: Ambani

ANI | August 12, 2019 11:37 AM
Mukesh Ambani at Ambani said at the 42nd annual general meeting

Mumbai (Maharashtra) [India], Aug 12 (ANI): Chairman and Managing Director of Reliance Industries Ltd Mukesh Ambani on Monday said Saudi Aramco will invest 75 billion dollars in the conglomerate and have 20 per cent stake in its oil to chemicals (O2C) business.

Earlier this month, BP and Reliance had announced the formation of a new joint venture that will include a retail service station network and aviation fuels business across India.

"Saudi Aramco and Reliance have agreed to form a long-term partnership in our oil to chemicals division. Saudi Aramco will invest for a 20 per cent stake in Reliance's O2C division at an enterprise value of 75 billion dollars," Ambani said at the 42nd annual general meeting (AGM).

"Our Prime Minister has set the goal of making India a five trillion dollar economy by 2022. I fully endorse the idea. In fact, I see India becoming a 10 trillion dollar economy by 2030. The slowdown in some sectors of the economy is temporary. India's fundamentals are very strong," he added.

As India is getting transformed into New India, Reliance will also transform itself into New Reliance, Ambani said. (ANI)

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