Mukesh Ambani announces biggest foreign investment in Reliance history

New Delhi : Reliance Industries Ltd will be selling its 20 per cent stake in its oil to chemicals business to Saudi Aramco in one of the largest foreign investments in the country, said Mukesh Ambani during 42nd general meeting.

"(This is) the biggest foreign investment in the history of Reliance," Mr Ambani said at the company's annual general meeting in Mumbai.

"It is also amongst the largest foreign investments ever in India."

The deal valued the business at $75 billion including debt, he said.

Saudi Aramco, the world's biggest oil producer, is in talks with Reliance to buy stakes as it plans to expand new markets for its crude. 

Mukesh Ambani also said that the company will be providing 500,000 barrels a day of crude oil on a long-term basis to RIL's Jamnagar refinery. 

"This signifies perfect synergy between the world's largest oil producer and the world's largest integrated refinery and petrochemicals complex," he added.

The partnership will cover all of Reliance's refining and petrochemical assets, including its 51 per cent stake in the petroleum retail joint venture, he said.