India: Reliance to sell 20% stake in OTC business to Aramco

The Reliance Industries Ltd. logo is displayed atop the company’s gas station in Mumbai, India, on Thursday, July 19, 2012. Photographer: Dhiraj Singh/

India’s Reliance Industries Ltd is set to sell a 20% stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, Reliance Chairman Mukesh Ambani said on Monday.

“(This is) the biggest foreign investment in the history of Reliance,” Ambani said at the company’s annual general meeting in India’s financial capital Mumbai.

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