Saudi Arabia will inject about $100 million investments in India’s petrochemical, energy, mining and several other sectors, the Saudi ambassador to the country has revealed.
Dr Saud bin Mohammed Al Sati told Indian largest news agency PTI that the kingdom is looking to make investments worth $100 million as it seeks to expand its trade and business with India.
The investments will touch on energy, refining, petrochemicals, infrastructure, agriculture, minerals and mining sectors.
Sati’s comments underline Crown Prince Mohamed bin Salman’s pledge, he made during a trip to New Delhi in February. He had said more than $100 million will be injected by Saudi Arabia in India’s economy, over the next two years.
Saudi Arabia’s oil giant Aramco has recently entered into a deal with India’s largest private sector company, Reliance Industries (RIL). Aramco will acquire 20 per cent stakes of RIL’s refining and petro-chemical businesses for $15 billion. The operation is still subject to regulatory requirement.
The kingdom’s plans for expansion and investment in foreign companies fall within the 2030 vision of the Crown Prince who seeks to diversify the Gulf country’s economy and reduce its dependence on oil revenues.