August 12, 2019 / 6:23 AM / 3 months ago

India's Reliance to sell 20% stake in oil to chemicals business to Saudi Aramco

MUMBAI, Aug 12 (Reuters) - India’s Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest ever foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

“(This is) the biggest foreign investment in the history of Reliance.” Ambani said at the company’s annual general meeting in India’s financial capital Mumbai.

“It is also amongst the largest foreign investments ever in India,” said Ambani, adding the deal values the business at $75 billion including debt.

The partnership will cover all of Reliance’s refining and petrochemicals assets, Ambani said.

Reporting by Promit Mukherjee and Abhirup Roy; Editing by Sonali Paul

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