Aramco IPO prospectus lists RIL investment

New Delhi: Saudi Aramco launched has its prospectus for the world's biggest IPO with a potential largest ever company valuation of estimates ranging wildly from $1.2-2.3 trillion, with an India angle-acquiring 20 per cent in Reliance Industries Limited (RIL) oil to chemicals business and an expansion of its upstream business in high growth markets.

In the 658 page prospectus launched on Sunday, Saudi Aramco highlighted its proposed investments in RIL in the column for proposed acquisitions. "The company has recently entered into non-binding agreements regarding the expansion of its downstream business in Asia, including entering into a non-binding letter of intent with Reliance Industries Limited on August 12, 2019 to purchase a 20 per cent stake in its oil to chemicals division," it said.

In addition, Aramco will be expanding into India among the high growth markets as a key growth strategy. "Furthermore, the company intends to enhance its domestic and global marketing businesses to support the position of its upstream business in key, high-growth geographies, including China, India and Southeast Asia, which are integral to the company's existing business and future expansion strategy."