Saudi Aramco buys a 20% stake in the energy unit of India’s Reliance as it tries to diversify outside Saudi Arabia before its planned IPO
Saudi Aramco is buying a 20% stake—worth some $15 billion including debt—in India’s Reliance Industries’ oil and chemicals business, a move that would help match its enormous crude production with refining capacity, as it gears back up for a planned initial public offering.
The move would represent one of Aramco’s biggest forays overseas, and comes as it is trying to win over potential global investors for a possible listing that is now back on the front burner among Aramco executives and Saudi government officials.
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