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In the 658 page prospectus launched on Sunday, Saudi Aramco highlighted its proposed investments in RIL in the column for proposed acquisitions."The Company has recently entered into non-binding agreements regarding the expansion of its downstream business in Asia, including entering into a non-binding letter of intent with Reliance Industries Limited on August 12, 2019 to purchase a 20 per cent stake in its oil to chemicals division," it said.In addition, Aramco will be expanding into India among the high growth markets as a key growth strategy."Furthermore, the Company intends to enhance its domestic and global marketing businesses to support the position of its upstream business in key, high-growth geographies, including China, India and Southeast Asia, which are integral to the Company's existing business and future expansion strategy."Saudi Aramco has issued the prospectus for its initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).Saudi Aramco, the world's largest integrated oil and gas company, is wholly owned by the government of the Kingdom of Saudi Arabia. It is the most profitable company in the world and its valuation at the upper end of the range of $2 trillion which Crown Prince Mohammed bin Salman has been targeting to be the double that of Microsoft, the most valuable company in the world and seven times that of Exxon Mobile, the most valuable oil company.The largest IPO has been $25 billion and the Aramco IPO size would depend on the number of shares and price.The company's crude oil production accounted for approximately one in every eight barrels of crude oil produced globally from 2016G to 2018G.Aramco said that it has high operating cash flow, Free Cash Flow, EBIT, EBITDA and Return on Average Capital Employed (ROACE) than each of the five major international oil companies collectively, the "Five Major IOCs", comprising ExxonMobil, Shell, Chevron, Total and BP.The prospectus also said that it has a lower gearing (ratio of net debt (total borrowings less cash and cash equivalents) to net debt plus total equity) than each of the Five Major IOCs.Amin H. Nasser, President and CCEO of Saudi Aramco, said: "Saudi Aramco's vision is to be the world's pre-eminent integrated energy and chemicals company. Over the last three years, we were responsible for one in every eight barrels of crude oil produced globally and our proved liquids reserves, at the end of 2018, were five times larger than the combined proved liquid reserves of the Five Major IOCs. We are a steadfast contributor to the world's energy security."( With inputs from IANS )

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Predicting that there would be no respite from the heatwave, the India Meteorological Department (IMD), Bhubaneswar, on Sunday issued a yellow warning after 13 stations of Odisha recorded more than 41 degrees Celsius, with Titilagarh of Balangir dist ...

Two persons were killed and 5,500 houses damaged in North 24 Parganas as extremely severe cyclonic storm Amphan hit West Bengal on Wednesday. ...

Cyclone Amphan in the Bay of Bengal has intensified into an extremely severe cyclonic storm at 2:30 am on Monday, it is expected to further intensify into a super cyclonic storm in the next 12 hours, said Mrutyunjaya Mohapatra, India Meteorological D ...

The severe cyclonic storm Amphan has further intensified into a "very severe cyclonic storm" over central parts of South Bay of Bengal and it is very likely to intensify further in the next 24 hours, said the India Meteorological Department (IMD). ...

The promoter and promoter group of the company have confirmed that they will subscribe to the full extent of their aggregate rights entitlement, RIL said, adding that they will also subscribe to all the unsubscribed shares in the issue. ...

In a relief to mining firms, the Supreme Court on Thursday modified its earlier order and allowed a company to transport validly mined iron ore from mine sites in Goa after paying royalties to the authorities. ...

Brickwork Ratings downgraded Zee Entertainment's credit rating citing the exit of Subhash Chandra as Chairman of the Board and resignation of certain Independent Directors and the Company Secretary. ...

Saudi Aramco launched has its prospectus for the worlds biggest IPO with a potential largest ever company valuation of estimates ranging wildly from $1.2-2.3 trillion, with an India angle-acquiring 20 per cent in Reliance Industries Limited (RIL) oil ...