September 27, 2019 / 12:34 PM / 2 months ago

India's antitrust body clears Saudi Aramco's acquisition of SABIC

FILE PHOTO: Logo of Saudi Aramco is seen at the 20th Middle East Oil & Gas Show and Conference (MOES 2017) in Manama, Bahrain, March 7, 2017. REUTERS/Hamad I Mohammed/File Photo

(Reuters) - The Competition Commission of India (CCI) said here on Friday it approved Saudi Aramco's acquisition of a 70% 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 South Asian nation.

In March, Saudi Aramco had agreed to buy the stake for $69.1 billion, in one of the biggest deals in the global chemical industry.

Reporting by Nallur Sethuraman in Bengaluru and Nidhi Verma in New Delhi; editing by Uttaresh.V

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