India’s antitrust body approves Saudi Aramco stake acquisition of SABIC

29/09/2019 Argaam

 

The Competition Commission of India (CCI) said on Twitter it approved Saudi Aramco's acquisition of a 70 percent stake in Saudi Basic Industries Corporation (SABIC).

 

An approval from India’s antitrust body is required as SABIC has subsidiaries operating in India, while Aramco Overseas Co, a unit of Saudi Aramco, also has an office in the country.

 

In March, Saudi Aramco had agreed to buy the stake for $69.1 billion from the Public Investment Fund (PIF).

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