Reliance to sell 20% stake in oil-to-chemicals business to Saudi Aramco

India'sRelianceIndustries Ltd is set tosella20%stakein itsoiltochemicalsbusinesstoSaudiAramcoin one of the largest foreign investments in the country, RelianceChairman Mukesh Ambani said on Monday.

"(This is) the biggest foreign investment in the history ofReliance," Ambani said at the company's annual general meeting in India's financial capital Mumbai.

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

The deal valued thebusinessat $75 billion including debt, he said.

SaudiAramco, the world's biggestoilproducer, has been in talks withRelianceon thestakesale as it plans to secure new markets for its crude.

SaudiAramcowill also supply 500,000 barrels a day of crudeoilon a long-term basis to RIL's Jamnagar refinery, Ambani said.

"This signifies perfect synergy between the world's largestoilproducer and the world's largest integrated refinery and petrochemicalscomplex," he added.

The partnership will cover all ofReliance's refining and petrochemical assets, including its 51%stakein the petroleum retail joint venture, he said.

Last week,Relianceannounced that it was forming a fuel retailing joint venture with globaloilmajor BP in whichReliancewould own a 51%stake.