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Saudi Aramco to invest $75 billion in Reliance, BP

Monday,12 Aug 2019

On Monday, Chairman and Managing Director of Reliance Industries Ltd Mukesh Ambani said Saudi Aramco will invest $75 billion in the conglomerate and have a 20% stake in its chemical oil (O2C) business.

"This is Reliance's largest foreign investment and one of India's largest. Saudi Aramco's partnership to cover Reliance's refining and petrochemical assets, including 51 percent of the petroleum retail joint venture." He said.

He aso said BP acquired 49 per cent stake in Reliance's petro-retail business in another major new initiative. For this transaction, Reliance will get BP's Rs 7,000 crore,  "As the world moves towards renewable energy sources and electric vehicles, Reliance has positioned itself to generate fresh value far ahead of the curve," 

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