Reliance to sell 20% stake in oil-to-chemicals biz to Saudi Aramco at $75 bn enterprise value

Reliance Industries Ltd (RIL) will sell a 20 per cent stake in its oil-to-chemicals business to Saudi Aramco at an enterprise value of $75 billion, making it one of the biggest Foreign Direct Investment (FDI) deal in the country.

“This is the biggest foreign investment in the history of Reliance. It is also amongst the largest foreign investments ever in India,” RIL Chairman and Managing Director Mukesh Ambani said at the company’s AGM in Mumbai.

Saudi Aramco will supply 500,000 barrels per day, or 25 million tonnes per annum, of crude oil to RIL’s twin refineries at Jamnagar in Gujarat. The Saudi oil giant will take a 20 per cent stake in a proposed special purpose vehicle (SPV) housing the twin refineries of RIL and the firm’s petrochemical complex.