Success of Aramco could be positive for M&A deals of Indian refiners as well
The wait ended on Sunday, when Saudi Arabian oil giant, Saudi Aramco, announced its blockbuster IPO. Everyone would like to be part of this story, directly or indirectly. And so will be Indian refining and marketing companies, but how much only time will tell.
Aramco, which is already finding its footings in India’s downstream oil market, could also emerge as a key contender for acquiring domestic companies here.
K. Ravichandran Senior Vice President Group Head-Corporate Ratings ICRA Limited, said “The reported valuation of $1.71 trillion and IPO size of around $25 billion have come at the upper end of the range of market expectations. If the company is able to go ahead with this fund raising,
