New Delhi: Reliance Industries announced the biggest Foreign Direct Investment (FDI) deal till date on Monday. While addressing shareholders at RIL's 42nd AGM in Mumbai, Chairman Mukesh Ambani said that Saudi Aramco will pick up a 20 percent stake in its oil-to-chemicals (OTC) business. He said that the deal will take place at an enterprise value of $75 billion, subject to regulatory clearance.
The OTC business of RIL, formed by combining the refining and the petrochemicals businesses, coverts petroleum into chemicals.
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It posted a revenue of Rs 5.7 lakh crore in financial year 2018-19.
Under the deal, Saudi Aramco has also agreed to supply 5,00,000 barrels per day of crude oil on a long-term basis to RIL's Jamnagar Refinery. The Jamnagar refinery complex has a capacity of processing 1.4 million barrels per day (bpd). It is planning to expand capacity to 2 million bpd by 2030, according to plans shared with the Indian government.
Saudi Aramco, known as the Saudi Arabian Oil Company, is a national petroleum and natural gas company located in Dhahran, Saudi Arabia. It is one of the largest companies in the world by revenue and is the most profitable company in the world.
Ambani said that his company is the only diversified Indian enterprise that has three major growth engines in one single corporate entity — oil-to-chemicals division, Jio and Retail. He added that all the three have done exceedingly well in the past year.