Saudi Arabia is seeking long-term partnerships with India, with an investment of $100 billion in the country’s petrochemicals, infrastructure and mining sectors, among others, Zawya reported.
Saudi Aramco will acquire a 20% stake in India’s largest private sector company, Reliance Industries (RIL) for $15 billion in refining and petrochem businesses. The investment is subject to regulatory approvals, which will further help RIL to cut its debt.
“This move is expected to attract leading global innovators and investors to live and work in Saudi Arabia and help drive the private sector growth needed to realise the goals set out in Saudi Vision 2030,” Saudi Ambassador Saud bin Mohammed Al Sati said.
According to Al Sati, India’s investment climate is especially attractive for the Kingdom, in which Saudi is looking to make business with New Delhi in key sectors like oil, gas and mining.
“Saudi Arabia is looking at making investments in India potentially worth $100 billion in the areas of energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining,” Al Sati told India’s largest news agency, PTI, in an interview.