Saudi Aramco and India’s Reliance Industries have scrapped plans for the Saudi oil giant to invest around $15 billion in buying 20 percent in Reliance’s oil-to-chemicals business due to shifting priorities of the Indian oil to telecoms conglomerate. Two years ago, in August 2019, Saudi Aramco and Reliance Industries signed a non-binding letter of intent, under which Aramco was set to buy 20 percent in the oil to chemicals division of Reliance Industries.
At an enterprise value of $75 billion for the entire division, the stake…Saudi Aramco's $15 Billion Oil Deal With India's Largest Company Fails
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