The competition watchdog on Friday approved the acquisition of 70% equity stake in Saudi Basic Industries Corporation (SABIC) by Saudi Aramco. SABIC is engaged in the supply of petrochemical and agro-nutrients in India while Saudi Aramco supplies crude oil, liquefied petroleum gas, base oil and petrochemical products in the country.
The Competition Commission India on Friday tweeted from its official account that it had approved acquisition of 70 per cent shareholding of Saudi Basic Industries Corporation (SABIC) by Saudi Arabian Oil Company (Saudi Aramco).
SABIC CEO Yousef Al-Benyan, said that the $69.1 billion deal would support the company’s visions to become a world leader in chemicals.
“SABIC will benefit from the additional scale, technology, investment potential, and growth opportunities Saudi Aramco will bring as a global leader in integrated energy and chemicals production, while remaining focused on meeting the needs of our customers and the creation of value for all our shareholders,” said Al-Benyan.
