Saudi Aramco IPO is a booster for its India investments


Saudi Aramco IPO is a booster for its India investments

The world’s largest initial public offering (IPO), which Saudi Aramco is planning, brings cheer to the Indian market as the Saudi government owned firm targets $100 billion investments in the country. The oil behemoth has announced two voluminous transactions in India – the strategic investment in $44 billion petroleum refinery in Maharashtra and $15 billion worth stake acquisition in the refining and petrochemicals business of Reliance Industries (RIL). Besides, the country may see Aramco bidding for either Bharat Petroleum Corporation (BPCL) or Hindustan Petroleum Corporation (HPCL) or both, which are slated for privatisation.

The Saudi government owned company is a steady performer and it reported revenues of $356 billion (around Rs 25 lakh crore) in 2018, which is six times the revenue generated by the Mukesh Ambani firm and 25 times the revenue generated by ONGC. Aramco’s net profit of $111 billion in 2018 made it the most profitable in the world, ahead of Apple Inc., Google’s parent Alphabet Inc. and Exxon Mobil Corp. combined. Read More

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