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Aramco Looks to Diversify With 20% Stake in India’s Reliance Energy Business

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Saudi Aramco buys a 20% stake in the energy unit of India’s Reliance as it tries to diversify outside Saudi Arabia before its planned IPO

Saudi Aramco is buying a 20% stake—worth some $15 billion including debt—in India’s Reliance Industries’ oil and chemicals business, a move that would help match its enormous crude production with refining capacity, as it gears back up for a planned initial public offering.

The move would represent one of Aramco’s biggest forays overseas, and comes as it is trying to win over potential global investors for a possible listing that is now back on the front burner among Aramco executives and Saudi government officials.

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