Aramco to buy 20% in RIL chemical biz for $15 bn; GigaFiber launch on Sep 5

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Reliance Industries Ltd is set to sell a 20 per cent stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday. Ambani also announced the commercial launch of Jio Fiber on September 5, with the base plan starting at a speed of 100 MBPS and going up to 1 GBPS with prices ranging from Rs 700 to 10,000 per month.
Aramco to take 20% in Reliance's refinery, chemical biz
Ambani on Monday announced that Saudi oil giant Aramco has agreed to take a 20 per cent stake in his flagship Reliance Industries' oil refinery and chemical business at an enterprise value of $75 billion (around Rs 5,32,466 crore).Making the announcement at Reliance Industries' 42th annual general meeting, he said this would be the biggest foreign investment in the history of the company.
As part of the deal, Saudi Aramco will supply 500,000 barrels per day or 25 million tonnes per annum, of crude oil to Reliance's twin refineries at Jamnagar in Gujarat.Saudi Aramco will take 20 per cent stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex.
Reliance operates two refineries in Jamnagar, Gujarat, with a total capacity of 68.2 million tonnes per annum.It plans to expand its only-for-exports special economic zone (SEZ) refining capacity to just over 41 million tonne from current 35.2 million tonne but does not have any plans to set up a new refinery in the country.
It is currently focused on expanding petrochemical and telecom business.

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