The Competition Commission of India has given approval to the acquisition of 70 per cent stake in Saudi Basic Industries Corporation (SABIC) by Saudi Arabian Oil Company.

Through this acquisition, Saudi Aramco will have sole control over SABIC.  

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.  

In March 2019, Saudi Aramco had announced the signing of a share purchase agreement to acquire 70 per cent majority stake in SABIC from the public investment fund of Saudi Arabia.

The transaction value was pegged at 69.1 billion dollar.