On Monday, the 12th of August 2019, India’s multinational conglomerate company of Mukesh Ambani, Reliance Industries Ltd., headquartered in Mumbai, Maharashtra, said that Saudi energy giant, Aramco had sent a letter of intent to acquire 20 percent stake in Reliance’s oil-to-chemical business, in effect what would have been the largest ever foreign investment in India.
On top of that, confirming authenticity of the letter of intent to purchase stakes in Reliance Industries Ltd., Senior Vice President of Aramco, Khalid al-Dabbagh had been quoted saying on Monday (August 9th) that the talks with India’s Reliance had been “at an early stage”.
Aside from that, al-Dabbagh added that the Saudi-government-owned Aramco was prepared for its IPO, but its timing would be decided by its core stakeholder, the government of Saudi Arabia. Meanwhile, Executive Director of Reliance Industries, P.M.S.
Prasad said on Monday (August 9th) following reveal of Aramco’s letter of intent to purchase 20 per cent stake in Reliance’s oil-to-chemical business that Reliance would likely to receive a lump-sum of $15 billion including debt for its 20 percent stake. Further into the bargain, Prasad had also added that the two companies were eyeing a deal as early as by March 2020.