India, Saudi Arabia Plan JV for Two New Oil Refineries

26 Apr 2025 CW Team

Suhel Ajaz Khan, the Indian Ambassador to Saudi Arabia, said in a press briefing that an agreement was reached between the two countries to establish two oil refineries in India through a joint venture. The agreement comes is the result of a mutual desire to establish closer energy ties and cooperation in sectors such as tourism and technology. This desire stems from both countries’ slow economic expansion, as well as global concerns regarding US tariff policies.

The briefing comes after a meeting between Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi met in Jeddah on Tuesday night. The meeting, which was supposed to be part of greater bilateral discussions, was cut short when Modi had to return to India following a terror attack in Jammu & Kashmir.

The actual establishment of the Joint Venture remains under scrutiny due to previous unmaterialized projects between the countries. A plan to jointly build a mega complex in western India, for example, hasn’t come to fruition due to challenges over land and a proposal for a stake in Reliance Industries Ltd.’s mega refinery in Gujarat failed to fructify on valuation issues. Similarly, in 2019 bin Salman had pledged $100 billion of investments in India, but only about $10 billion of that has materialised.

This joint venture could be seen as a measure to counteract Saudi Arabia’s decline as India’s largest oil supplier, especially since state-owned oil behemoth Saudi Aramco has also long sought entry into India’s refining sector with little success.

Image source:chemindigest

Resources

11 May 2026

JSW One Elevates Mayank Gupta as CFO

JSW One Platforms has elevated Mayank Gupta as Chief Financial Officer as the company strengthens its leadership team to support its next phase of growth and institutional expansion.Gupta, who earlier served as Chief Operating Officer, has played a key role in scaling the company’s integrated commerce, supply chain and finance ecosystem. In his new role, he will oversee strategic finance, treasury, governance, capital allocation and financial planning.Gaurav Sachdeva, Joint Managing Director and CEO, JSW One Platforms, said Gupta’s operational understanding and financial expertise make him..

India and EU Launch 15.2 Million Euro EV Battery Recycling Initiative

India and the European Union launched a third coordinated call for proposals on the recycling of electric vehicle batteries under the India-EU Trade and Technology Council Working Group two on five May 2026, with submissions due on 15 September 2026. The initiative is aimed at securing critical raw materials and accelerating the transition to a circular economy while deepening bilateral relations. The announcement was made by officials from the Office of the Principal Scientific Adviser and the European Commission. The call has a combined funding pool of 15.2 million euros (15.2 mn euros) and ..

Aptus Value Posts Strong FY26 Results And Asset Quality

Aptus Value Housing Finance India Limited on six May 2026 reported results for the quarter and year ended 31 March 2026. Assets under management (AUM) stood at Rs 131.07 bn, up 21 per cent year on year. The company said improved field execution and sustained demand supported the growth. Disbursements in the fourth quarter were Rs 12.42 bn, up 17 per cent year on year, and full year disbursements were Rs 40.09 bn, up 11 per cent. Total income for FY26 was Rs 22.46 bn, up 25 per cent, and net profit for the year was Rs 9.43 bn, a rise of 26 per cent. Quarterly net profit was Rs 2.61 bn. For the ..