India

Saudi Aramco To Acquire 20 Per Cent Stake In RIL At Enterprise Value Of $75 Billion

By
OB Bureau

Reliance on Monday announced that Saudi Aramco, the world’s biggest oil company, will acquire 20 per cent stake in Reliance Industries Limited (RIL)’s refining and petrochemicals business. The deal has an enterprise value of $75 billion, which will make it the country’s biggest FDI.

RIL, which has a net liability of $36.9 billion, announced that it intends to become debt-free by 2021.

The Saudi state-owned oil company has been aggressively buying stakes and entering into joint ventures with large companies in South Korea, Malaysia and China.

As part of the deal, Aramco will supply 5 lakh barrels of crude oil per day to RIL’s Jamnagar refinery.

 

OB Bureau

Recent Posts

New Artist To Play King Kansa Role During Dhanu Yatra In Odisha’s Bargarh

Bargarh: A new artist will be selected to play the mythological character King Kansa during…

November 22, 2024

Shah Rukh’s Daughter Suhana Khan Brutally Trolled For Vivo Ad [Watch]

Mumbai: Suhana Khan will be making her Bollywood debut with ‘King’ along with her superstar…

November 22, 2024

Badshah Comes Out In Support Of Diljit Dosanjh In Alcohol Controversy

New Delhi: After Diljit Dosanjh called out the double standards of Telangana government for banning…

November 22, 2024

World War 3 Has Begun, Says Ukraine’s Former Military Chief

New Delhi: Recent actions and counter-actions in the Russia-Ukraine conflict have pushed the world to the…

November 22, 2024

3 Arrested With Fake IPS Officers’ Uniforms, Identity Cards In Odisha’s Balangir

Balangir: Three persons were arrested and fake IPS officers’ uniforms along with fake identity cards…

November 22, 2024

‘I Want To Talk’: Twitterati Lauds Abhishek Bachchan, Say He Is Better Than Amitabh

Mumbai: Abhishek Bachchan’s highly-anticipated film ‘I Want To Talk’ released in theatres on Friday, and the…

November 22, 2024

Cash-For-Vote Row: BJP Leader’s Defamation Notice Against Rahul Gandhi, Kharge

New Delhi: Accused of giving cash to secure votes ahead of election day in Maharashtra,…

November 22, 2024

CM Mohan Majhi Attends ‘Odisha State Day’ Celebrations At IITF In Delhi

Bhubaneswar: Chief Minister Mohan Charan Majhi attended the ‘Odisha State Day Celebrations’ at the 43rd…

November 22, 2024