Aramco, A Saudi Arabia Firm Will Buy 20% of Reliance Oil Stakes

Aramco, A Saudi Arabia Firm Will Buy 20% of Reliance Oil Stakes

Reliance Industries Chairman Mukesh Ambani announced in 42nd Annual General Meeting that Saudi Arabia's Aramco would buy a 20 per cent stake in Reliance's Oil to Chemical business, which would be the largest foreign investment ever in Reliance. The deal is worth about $ 75 billion.

Mukesh Ambani said, 'I am very happy to announce that the largest foreign investment in the history of Reliance has been agreed. Reliance and Saudi's Aramco have agreed to a long-term partnership. '

The RIL oil-to-chemical business has a revenue of more than Rs 5 lakh crore. Reliance Industries has the world's largest refining complex in Jamnagar with a production capacity of 1.4 million barrels per day. Ambani said these things while addressing the shareholders. Aramco will send five lakh barrels of oil every day to Reliance's Jamnagar refinery.

Mukesh Ambani further said that the company has paid taxes of Rs 12,191 crore and we are the largest taxpayer in the country. He said that the Prime Minister has set a target of $ 5 trillion economy by 2024, in which we will have full cooperation.

He further informed that Reliance Industries has spent 67 thousand 320 crores on GST. After this deal, Aramco will be supplying 5,00,000 barrels of crude daily to the company's Jamnagar refinery, which is the world's largest refinery.

On the appeal made by Prime Minister Narendra Modi regarding Jammu and Kashmir, Mukesh Ambani said that we are committed to the development of Jammu and Kashmir and Ladakh and the needs of the people there. Reliance will form a special task force for developmental activities in Jammu and Kashmir and Ladakh.

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