The largest foreign investment of India. Reliance to sell 20% of its business to Aramco

The Indian group Reliance Industries will sell 20% of its oil processing business to chemicals at Saudi Aramco, one of the largest foreign investment operations in the country, said Monday its chairman, Mukesh Ambani.

"This is the biggest foreign investment in the history of Reliance," said Ambani at the company's annual general meeting in Mumbai, the country's financial capital.

"It is also one of the largest foreign investments ever made in India," he said, adding that the deal had brought activity to $ 75 billion. dollars, debt included.

Saudi Aramco, the world's largest oil producer, discussed the deal with Reliance as part of its plan to secure new markets for its crude oil.

Saudi Aramco will also supply 500,000 barrels of crude oil a day at the Reliance refinery, Jamnagar, Ambani said.

"It demonstrates the perfect synergy between the world's largest oil producer and the largest integrated refining and petrochemical complex in the world."

"The partnership will include all of Reliance's refining and petrochemical badets, including a 51% stake in a joint venture selling oil," Ambani said.

Last week, Reliance announced the creation of a fuel distribution joint venture with BP, in which Reliance will hold a 51% stake.

On July 25, Saudi Energy Minister Khalid al-Falih said that "the talks between Aramco and Reliance Industries to acquire a minority stake in its refining badets have not stopped."

"The two companies (Aramco and Reliance) are in talks with a lot of good offices and good intentions," he said.

Reliance Industries, controlled by Mukesh Ambani, operates Asia's richest man, the largest refinery complex in the world, with a production capacity of 1.4 million barrels a day in Jamnagar, in western Uganda. India.