Will Saudi Aramco's Business Interest benefit Indian Oil Business Indian government is in a bid to sell its 53.29 per cent stake in BPCL to an investor in order to augment oil business in India
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In the history of India, this is the first time that Indian government is planning to sell its 53.29 per cent stake in BPCL to a strategic investor. It is considered to be the biggest privatisation bid in the country so far.
By this, government is aimed to collect INR 1.5 Lakh Crore in divestment procedure which involves privatisation of container corp of India, Shipping corp of India and BPCL.
According to ET, Saudi Aramco is nowadays working on its idea to foster interest in Indian investments and business partnership. Reliance India Ltd. has been the priority of Aramco and also it is eyeing at buying stake in Bharat Petroleum Corporation Limited (BPCL). Being at an early stage of concluding BPCL as an investment spot, Aramco is evaluating its bid.
Indian Business' Benefit
Aramco is stated as an oil giant in the field of business and has been fostering interest in Indian Market for long. Currently, Aramco is in the process of an IPO, which would value the company in the budget of around $1.5 trillion to $ 2 trillion. This would provide massive value to the company. Aiming the big achievements through Indian investment and giving India the supportive deal, Aramco is eyeing the Indian business to esacalate along with its growth.
Seeking the growth possibilities of both nations, Indian government along with the Saudi Aramco are in the discussion of forging with the deal. It is expecting the partnership with RIL in its oil and chemical sector. It has also signed a memorandum of understanding along with ADNOC in order to grow investment in India's RRPCL ( Ratnagiri Refinery and Petroleum Corporation).
According to the ET source, Aramco is currently trying to balance its various planned investments in India in which it is eagerly interested to invest. It will take a call on how to balance BPCL deal and the Reliance partnership, if it decides to go through with them,".
