News wire — The Competition Commission of India (CCI) said 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.
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- Reuters
