(ET)
Saudi Aramco said it will continue to look for investment opportunities in India, days after Reliance Industries Ltd. scrapped a plan to sell a stake in its oil-to-chemicals unit to the Middle Eastern company.
“India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday. It will “continue to evaluate new and existing business opportunities with our potential partners.”
Aramco had signed a non-binding letter of intent in August 2019 for a potential 20% stake in Reliance’s oil-to-chemicals unit valued at about $15 billion. Reliance said the companies would walk away from the deal . “Reliance and Aramco have a longstanding relationship and will continue to look for investment opportunities in India,” Aramco said.
