India’s antitrust body clears Saudi Aramco’s acquisition of SABIC


India’s antitrust body clears Saudi Aramco’s acquisition of SABIC

The Competition Commission of India (CCI) said here on Friday it approved Saudi Aramco’s acquisition of a 70% stake in Saudi Basic Industries Corporation (SABIC).

An approval from India’s antitrust body is required as SABIC has subsidiaries operating in India, while Aramco Overseas Co, a unit of Saudi Aramco, also has an office in the South Asian nation.

In March, Saudi Aramco had agreed to buy the stake for $69.1 billion, in one of the biggest deals in the global chemical industry. Read more

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