DUBAI/MUMBAI: Saudi Aramco is planning a multibillion dollar investment in India's Reliance Industries as the energy giant diversifies its oil business, where weaker prices cut its first-half profit by 12per cent.
While terms of the deal are yet to be finalised, Reliance will get roughly US$15 billion, including some debt adjustments for the 20per cent stake, P.M.S. Prasad, Executive Director of Reliance Industries said, adding the two companies aim to close the deal by March 2020.
Ambani, who is Asia's richest man, said the deal would be the biggest foreign investment in the history of Reliance and also one of the largest foreign investments ever in India.Aramco reported a net profit of US$46.9 billion in the first half of 2019, down from US$53 billion for the same period last year. Despite the profit decline, Aramco remained the world's most profitable company in terms of headline numbers.
The company has also been involved in most of the kingdom's high-profile deals in the last two years announcing at least US$50 billion worth of investments in Saudi Arabia, Asia and the United States.
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