Saudi state oil company Saudi Aramco is discussing a minority stake in the Indian refinery and petrochemical group Reliance Industries. Insiders reported this to business newspaper Financial Times.
In Indian media it is reported that Aramco wants to take a stake of as much as 25 percent in Reliance for an amount of 10 billion to 15 billion dollars. Reliance is largely in the hands of multi-billionaire Mukesh Ambani. He is said to have visited Aramco’s headquarters in Saudi Arabia in February.
By taking a major interest in Reliance, Aramco can strengthen its presence in India. Reliance owns the largest refinery and petrochemical complex in India, in the state of Gujarat.
In March, it was announced that Aramco would take a 70 percent majority stake in Saudi petrochemical company Sabic for more than $ 69 billion.