Saudi Aramco is drawing plans to buy 25% stakes with India’s largest private sector, Reliance Petroleum. Saudi Aramco which is officially known as the Saudi Arabian Oil Company, is one of the largest and most profitable companies in the world. The national petroleum and natural gas company is based in Dhahran, Saudi Arabia.
Reports suggest, Saudi Aramco is set to invest with Reliance Industries. Based on Reliance’s petrochemicals businesses of around $55 billion to 60 billion, the stake sale will allegedly bring profits around $10 billion to $15 billion for Aramco. The deal was initiated after Saudi Arabia’s Crown Prince Mohammed bin Salman’s visit to Delhi in February and his investment speculations in India. Plans are underway for worth more than $100 billion over the next two years.
A decision on the agreement will be made around June. The American multinational investment bank and financial services company, Goldman Sachs is said to have mandated the deal.