Saudi Aramco set to acquire 20% stake in Reliance’s oil business at an enterprise value of $75bn. RIL announces launch date of Jio Giga Fiber. Viacom and CBS reunite after 13 years to cope with new media landscape. ViacomCBS: the road to a long-anticipated merger. ShareChat raises $100m in Series D funding round led by Twitter. MCA raises cap on shares issued with differential voting rights. Govt agrees in principle to sell 95% stake in Air India. India’s retail inflation eases to 3.15% in July; breaking 5-month rising trend. India’s WPI inflation falls to multi-year low of 1.08% in July. Trade deficit narrows to $13bn as exports rise.
Moving on to the top Business news stories of the week:
Saudi Aramco set to acquire 20% stake in Reliance’s oil business at an enterprise value of $75bn. RIL announces launch date of Jio Giga Fiber.
The What: In one of the biggest foreign investments in the history of Reliance Industries, oil giant Saudi Aramco is set to acquire 20% stake in its oil refinery and chemical business at an enterprise value of $75bn.
As part of the deal, Saudi Aramco will supply 500,000 barrels per day to Reliance’s twin refineries at Jamnagar in Gujarat.
Saudi Aramco will take 20% stake in a proposed special vehciles housing the twin refineries as well as the firm’s petrochemical complex.
The announcement was made by Mukesh Ambani at Reliance Industries' 42th annual general meeting.
More to Come: Ambani also announced the launch date of Jio Giga Fiber, Jio set top box and First Day First in a major push to make Reliance Jio India's largest network.