The Competition Commission of India has given approval to the acquisition of 70 percent stake in Saudi Basic Industries Corporation by Saudi Arabian Oil Company for $69.1 billion.
Through this acquisition, Saudi Aramco will have sole control over SABIC, the combination notice filed with the CCI said.
In India, SABIC is mainly active in the supply of agri-nutrient and petrochemical products while Saudi Aramco is active in the supply of crude oil, liquefied petroleum gas, base oil and petrochemical products, it added.
In March 2019, Saudi Aramco had announced the signing of a share purchase agreement to acquire 70 percent majority stake in SABIC from the public investment fund of Saudi Arabia. The transaction value was pegged at $69.1 billion.
Besides, the firm had said that "the remaining 30 percent publicly traded shares in SABIC are not part of the transaction, and Saudi Aramco has no plans to acquire these remaining shares."
The fair trade regulator in a tweet posted on Friday said it "approves acquisition of 70 percent shareholding of Saudi Basic Industries Corporation (SABIC) by Saudi Arabian Oil Company (Saudi Aramco)."
.@CCI_India approves acquisition of 70 per cent shareholding of Saudi Basic Industries Corporation (SABIC) by Saudi Arabian Oil Company (Saudi Aramco).
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