Riyadh – Mubasher: The Competition Commission of India (CCI) has approved Saudi Aramco’s acquisition of a 70% stake in Saudi Basic Industries Corp. (SABIC), according to Reuters.

Such approval was required for SABIC’s subsidiaries operating in India and Saudi Aramco’s unit in the subcontinent, Aramco Overseas.

In March, Saudi Aramco announced the closure of a SAR 259.125 billion ($69.1 billion) deal for the acquisition of a 70% stake in SABIC from the kingdom’s Public Investment Fund (PIF).