Posted inIndia, Middle East, Saudi Arabia, South Asia

Saudi Aramco to take 20% stake in Reliance

At Reliance’s 42nd annual general meeting on Monday, Chairman Mukesh Ambani, India’s richest man and the owner of around 47% of the shares, announced that the world’s largest oil producer, Saudi Aramco, will acquire a 20% stake in Reliance’s oil-to-chemical business for 1.06 trillion rupees (US$15 billion). Last financial year Reliance group had a net debt […]