• Saudi Aramco Heeds New Investments in India, After Reliance Calls Off Deal

    The Saudi Arabian public petroleum and natural gas Saudi Aramco (SE:2222) has announced that it has no plans of giving up on investment opportunities in India, as the latter houses ‘tremendous growth opportunities over the long term, stated the oil giant on Sunday.

    The global oil major has confirmed that it will continue looking for and evaluating new and existing business opportunities with potential partners in the country.

    In August 2019, Reliance Industries (NS:RELI) Limited and Saudi Aramco signed a non-binding letter of intent, as per which the former would sell 20% of its stake in its O2C business to the latter for raising USD 15 billion, for debt reduction.

    However, the deal between the two corporations was called off by RIL on Friday, which led to the conglomerate’s shares tanking almost 4% on Monday, closing the session 4.4% lower at Rs 2,363.75 apiece.

    Despite not going ahead with the 2019 deal, Aramco and Reliance have stated that the Mukesh Ambani-led company will continue to remain Aramco’s preferred partner in India and has plans to partner with the firm in future, without adding much to this development.

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