Saudi Aramco's acquisition of 70% stake in Sabic get clearance in India

01-Oct-19

Competition Commission of India (CCI) has approved acquisition of 70% stake in Sabic by Saudi Aramco from the Public Investment Fund (PIF) of Saudi Arabia. In March this year, Aramco signed the deal to buy 70 percent in Sabic for the equivalent of US$69.1 billion in Saudi riyals at the time.

In India, Saudi Aramco is mainly active in the supply of crude oil, liquefied petroleum gas (LPG), base oil, and petrochemical products, while SABIC is mainly active in the supply of agri-nutrient and petrochemical products.