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Saudi Aramco lists RIL investment, expansion in India in monster IPO prospectus

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New Delhi, Nov 11 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 to chemicals business and an expansion of its upstream business in high growth markets.

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.”

India

Mosque turns venue for Hindu wedding

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Hindu wedding in Masjid

New Delhi, Jan 20 : An unusual story of a wedding is doing the rounds on internet in which a couple tied the knot at a mosque in Alappuzha district in Kerala on Sunday as per Hindu rituals.

The news came out after the Kerala Chief Minister Pinarayi Vijayan took to Twitter to congratulate and appreciate the couple for upholding such a beautiful example of religious harmony.

Vijayan wrote: “An example of unity from Kerala. The Cheravally Muslim Jamat Mosque hosted a Hindu wedding of Asha & Sharath. The Mosque came to their help after Asha’s mother sought help from them. Congratulations to the newlyweds, families, Mosque authorities & the people of Cheravally.”

The tweet went viral and netizens reacted to the post with heartwarming gestures and blessings.

A user tweeted: “I am glad that Kerala has such amity with vegetables and flowers not beef eating tourism promoted by the Government. God bless the couple.”

“Kerala sets the vision of future India,” wrote another user.

A post read, “Keep it up Keralians. Now we know that Kerala is not only the most literate state but also the most educated state.”

A Tweeple remarked, “After learning of such a beautiful tale of Hindu-Muslim unity, Hindutva thugs of @RSSorg and @BJP4India won’t be able to sleep tonight.”

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Consumer confidence plunges 7.3% in Jan 2020: Report

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National debt under Modi govt surges

New Delhi, Jan 20 : Consumer sentiment has nosedived by 7.3 percentage points in January 2020, according to the latest India Primary Consumer Sentiment Index (PCSI), as measured by Thomson Reuters, in partnership with Ipsos.

The major cause for this pessimism is the depleting confidence around personal spends and investments. Even confidence about the economy is low, though confidence around jobs has slightly moved up.

“Inflation and prices of essential commodities have been going up due to the US-Iran standoff and uncertainty around the US-China trade war. It has jacked up oil prices and the cost of living. Also around this time, IT planning is a strain on incomes. Additionally, global slowdown has impacted India’s economic growth as well, as economies are becoming increasingly interdependent,” says Amit Adarkar, India CEO & APAC Operations Director, Ipsos.

The monthly PCSI, which is driven by the aggregation of the four weighted sub-indices, has plummeted for at least 3 of the 4 sub indices. The four sub-indices are: Current Conditions Index; Expectations Index; Investment Index; and Jobs Index.

While the PCSI Employment Confidence (“Jobs”) Sub-Index has slightly moved upwards by 0.5 percentage points, the PCSI Economic Expectations (“Expectations”) Sub Index, has significantly declined by 5.1 percentage points. The PCSI Investment Climate (“Investment”) Sub-Index has plunged by 12.9 percentage points; and the PCSI Current Personal Financial Conditions (“Current Conditions”) Sub-Index has also majorly dropped by 12.5 percentage points, over the last month.

The findings have come out from an Ipsos online poll conducted between December 20, 2019-January 3, 2020. For this survey, a sample of 500 adults from Ipsos’ India online panel aged 16-64 was interviewed online.

The Thomson Reuters/Ipsos India Primary Consumer Sentiment Index (PCSI), ongoing since 2010, is a monthly national survey of consumer attitudes on the current and future state of local economies, personal finance situations, savings and confidence to make large investments.

Ipsos Public Affairs is a non-partisan, objective, survey-based research practice made up of seasoned professionals. It conducts strategic research initiatives for a diverse number of American and international organisations, based not only on public opinion research, but elite stakeholder, corporate and media opinion research.

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Peace party will file curative petition on Tuesday against Ayodhya verdict

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Supreme Court

New Delhi, Jan 20: The Peace Party of India will file a curative petition in the Supreme Court on Tuesday against the top court’s verdict in the Ayodhya case.

Earlier also the Supreme Court has already dismissed 18 review petition in this case.
Peace party president Dr. Ayub will file curative petition in Supreme court on Tuesday.

All review petitions filed against the Supreme Court’s decision in the Ram Janmabhoomi-Babri Masjid land dispute case of Ayodhya were dismissed on 12 December.

In its Ayodhya verdict on November 9 last year, the Supreme Court had paved the way for construction of Ram temple.

A bench of five judges of the Supreme Court said that there is no merit in the petitions.
The Apex court had decided to give the disputed land to Ramlala to build the Ram temple.

A total of 18 petitions were filed for review of the November 9 decision of a special bench of five judges of the Supreme Court in the Ayodhya case.

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