(FE)
Reliance Industries Ltd is set to sign a mega-deal with Saudi oil giant Saudi Aramco buying 20% equity stake in a new joint venture with RIL at an enterprise valuation of $75 billion, Chairman and Managing Director Mukesh Ambani said on Monday. A 20% stake in RIL’s new JV at an enterprise valuation of $75 billion translates into roughly over Rs 1 lakh crore. Saudi Aramco will supply oil on long term basis to Reliance Industries, Mukesh Ambani also said at the RIL’s 42nd AGM being held in Mumbai. RIL operates two refineries at Jamnagar with a total capacity of 68.2 million tonnes per annum.
The Saudi Arabian company had confirmed in February earlier this year that it was in active talks with Reliance Industries to invest in petrochemicals and refinery projects in the country. It came after Saudi Crown Prince Mohammed bin Salman visited India in February and then said that he expected investment opportunities worth more than $100 billion over the next two years. Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance’s twin refineries at Jamnagar in Gujarat.
