Saudi Aramco in talks to buy Reliance Industries stake
Financial Times | Wed, Apr 17, 2019
by Anjli Raval and Simon Mundy
Saudi Arabia’s state energy group is in talks with Mukesh Ambani’s Reliance Industries to buy a minority stake in the Indian company’s refining and petrochemicals business, according to three people familiar with the discussions.
Saudi Aramco, the world’s largest crude producer, has ramped up investments in foreign refineries in recent years, particularly in fast-growing Asia. It has long sought a foothold in the Indian market as it banks on the country’s rising oil demand to lock in crude sales.