Saudi Aramco To Acquire 20% In Reliance Industries' Oil-To-Chemicals Business

Reliance Industries Chairman Mukesh Ambani announced that Reliance Industries is getting into a long term partnership with Saudi Arabian giant, Saudi Aramco, where Aramco will acquire 20 per cent of stake in oil-to-chemicals business of Reliance.

Mr Ambani announced this while speaking to his shareholders at the company's 42nd Annual General Meeting of the company in Mumbai.

"This will be the biggest foreign investment in the history of Reliance. It is also amongst the largest foreign investments ever in India," Mr Ambani said.

The deal values Reliance Industries' oil-to-chemical business at $75 billion, an approximate amount of Rs 5.3 lakh crore. Saudi Aramco will also supply 5,00,000 barrels of crude oil per day to Reliance's refineries at Jamnagar in Gujarat. The total capacity of the two refineries is 68.2 million tonnes per annum, Mr Ambani informed shareholders.

"This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added.

Mr Ambani also made a slew of announcements related to Reliance Jio. He said that Reliance Jio has become the largest operator in the country with 340 million subscriber base and 10 million subscribers getting registered every month.

He also announced on Monday that its JioFiber internet services will start on September 5. The basic package will be priced at Rs 700 per month and the basic speed will be 100Mbps. The speed goes up to 1Gbps and the premium for it will be Rs 10,000 a month, which also includes access to broadband, Jio HomeTV and Jio's IoT.

"I invite all of you to make the most of our Welcome Offer, and sign up for JioFiber as soon as it is available in your neighbourhood," Mr Ambani said.