Explained: Saudi Aramco – the company to which Reliance Industries will sell 20% stake | Explained News, The Indian Express

Explained: Saudi Aramco – the company to which Reliance Industries will sell 20% stake | Explained News, The Indian Express

Written by Om Marathe |Edited by Explained Desk |New Delhi |Updated: August 12, 2019 9:11:08 pm

Explained: Saudi Aramco – the company to which Reliance Industries will sell 20% stake

With a net profit of USD 46.9 billion so far this year, Saudi Aramco has made more money than Apple and Alphabet (the parent company of Google) combined.

Saudi Aramco has in recent years started making investments across diverse market segments.

Mukesh Ambani-led Reliance Industries Monday announced that it was selling a 20 per cent stake in its flagship oil and chemical business to Saudi Aramco, the world’s most profitable company, for an enterprise value of USD 75 billion.