Saudi Aramco looks for investment prospect in India
Days after Reliance Industries Ltd. cancelled a deal to sell a stake in its oil-to-chemicals operation to Saudi Aramco, the Middle Eastern corporation indicated it will continue to search for other investment prospects in India, Bloomberg reported.
“India has huge long-term growth prospects,” Aramco stated in a statement on November 21. “With our possible partners, we will continue to examine new and current business prospects,” it stated.
In August 2019, Aramco signed a non-binding letter of intent for a possible 20% investment in Reliance’s oil-to-chemicals plant, valued at over $15 billion.
Reliance said it will walk out of the non-binding deal on November 26. In its statement, Reliance also stated that it will continue to be Aramco’s preferred partner in India and that it is “committed” to a deal with the company, without going into greater detail.
Whereas the other firm Aramco said, “Reliance and Aramco have a longstanding relationship and will continue to look for investment opportunities in India.”