Stock Market

CCI approves Saudi Aramco's acquisition of 70% stake in SABIC

   Download Android App    Share in      FullScreen   CheckVideos

New Delhi: The competition watchdog on Friday approved the acquisition of 70% equity stake in Saudi Basic Industries Corporation (SABIC) by Saudi Aramco.

SABIC is engaged in the supply of petrochemical and agro-nutrients in India while Saudi Aramco supplies crude oil, liquefied petroleum gas, base oil and petrochemical products in the country. The Competition Commission India on Friday tweeted from its official account that it had approved acquisition of 70 per cent shareholding of Saudi Basic Industries Corporation (SABIC) by Saudi Arabian Oil Company (Saudi Aramco).

SABIC CEO Yousef Al-Benyan, said that the $69.1 billion deal would support the company's visions to become a world leader in chemicals. "SABIC will benefit from the additional scale, technology, investment potential, and growth opportunities Saudi Aramco will bring as a global leader in integrated energy and chemicals production, while remaining focused on meeting the needs of our customers and the creation of value for all our shareholders,” said Al-Benyan. In August, Saudi Aramco also announce the acquisition of a 20% stake in the oil to chemicals (OTC) business of Reliance Industries at an enterprise value of $ 75 billion implying an investment of around $15 billion.




Unlimited Portal Access + Monthly Magazine - 12 issues-Publication from Jan 2021

Buy Our Merchandise (Peace Series)

 

Contribute US to Start Broadcasting


It's Voluntary! Take care of your Family, Friends and People around You First and later think about us. Its Fine if you dont wish to contribute and if you wish to contribute then think about the Homeless first and Feed them. We can survive with your wishes too :-). You can Buy our Merchandise too which are of the finest quality.

Debit/Credit/UPI

UPI/Debit/Credit

Paytm

STRIPE

Details
Category: Stock Market


21