Are Mukesh Ambani, India’s wealth fund NIIF looking to buy into Aramco IPO?

Asia’s richest person Mukesh Ambani and India’s sovereign wealth fund, National Investment and Infrastructure Fund (NIIF), may buy into the IPO of Saudi Aramco, the world’s most profitable company, as the initial public offering opens for subscription this week.

Billed the world’s biggest IPO yet, both Ambani, the largest shareholder of the oil-to-telecom conglomerate Reliance Industries Ltd (RIL), and NIIF could use the share purchase as a show of faith in Aramco, India’s second biggest oil supplier, say sources.

Reliance did not respond to an e-mail sent on November 14 seeking comment, while NIIF could not be reached immediately for a reaction.