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FINANCIAL NEWS
India to invest in Aramco IPO to enhance ties
23 May 2017
(MENAFN) India proclaimed that its state refiners could become keystone investors in Saudi Aramco when it floats its shares in the coming year, as New Delhi aims to enhance ties with the globe’s largest oil producer.
Accordingly, the purchase of a share in Aramco could be part of a plan by Indian state refiners to launch a refining venture with the Saudi giant.
In addition, three Indian state refiners were planning to build a new refining complex with a 60mn tons capacity a year on the nation’s west coast.
Furthermore, Aramco aims to list almost 5 percent of its stocks on multiple exchanges by 2018 and hopes to raise as much as USD100bn amid the share listing.
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MENAFN2305201700450000ID1095503464
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