Adani Group Exploring Partnerships with Saudi Aramco

Adani Group, an Indian conglomerate, is exploring potential partnerships in Saudi Arabia, including the possibility of acquiring shares in the world's largest oil exporter, Aramco.

According to people aware of the matter, Adani Group has held preliminary talks on some potential cooperation and co-investment opportunities between Saudi Aramco and the country's public investment fund. The idea of ​​buying a portion of Aramco's PIF stake was also discussed. Adani could also team up with Aramco or subsidiaries such as Sabic in areas such as renewable energy, crop nutrients or chemicals.

Adan can also offer the PIF an opportunity to invest in India's infrastructure. The talks are in the early stages, and Adani has not yet made a decision as to what form any possible cooperation can take.

The deal could help Aramco develop a relationship with one of the fastest-growing energy consumers in the world. Saudi Arabia's oil giant has been discussing the potential investment of $15 billion in the oil-to-chemicals arm of Reliance Industries Limited for more than two years. Aramco said at the time that it would continue to look for more opportunities to invest in India.

According to the Bloomberg Billionaires Index, Gautam Adani is the second richest person in Asia with an estimated net worth of approximately $90.5 billion. His conglomerate has many businesses covering ports, electricity, renewable energy, airports, coal trading and data centres.

Saudi Arabia has been trying to strengthen its ties with India for several years. During a 2019 visit to meet with Prime Minister Narendra Modi, Crown Prince of Saudi Arabia Mohammed Bin Salman said the country could invest $ 100 billion in India.