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Business deals

Saudi Aramco to acquire 20% stake in India's Reliance division

Middle East oil and gas major to pay $15bn to expand footprint in energy-thirsty Asia

An oil tank at Saudi Aramco's Ras Tanura oil refinery and terminal in Saudi Arabia. The company supplies crude oil to Reliance Industries' refinery in India.   © Reuters

MUMBAI -- Oil and gas major Saudi Aramco is to acquire a 20% stake in the oil and chemicals business of Mukesh Ambani-led Reliance Industries, in a deal that the Indian petrochemical and retail billionaire described as one of the largest inbound foreign direct investments to date.

The deal gives the division an enterprise value of $75 billion, according to a statement from Reliance Industries.

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