In its 42nd AGM, Mukesh Ambani, RIL's Chairman and Managing Director has announced that Saudi Aramco has agreed to enter into a long term partnership with RIL, buying 20% stake in oils to chemicals business of RIL at enterprise value of $75 billion. The deal is subject to regulatory approvals. The deal is recognised to be the largest FDI by any Indian company so far.

This business of the oil to telecom conglomerate commanded a revenue of more than Rs. 5 lakh crore in FY19.

As per the terms of the deal, Saudi Aramco would supply 5 lakh barrels /day of crude oil to the company's Jamnagar Refinery on a long term basis.

Saudi Aramco, based in Dhahran, is a national petroleum and natural gas company of Saudi Arabia. It is the most profitabe company in the world and among the largest in terms of revenue.

On the sidelines of the meet, Ambani said Jio has been proactive in its investment cycle when it comes to Jio and its now almost complete. Also, in reference to its consumer facing businesses- Reliance Retail and Reliance Jio- if listed separately, they would be among leading 10 companies in India, he adds.

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