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

Infrastructure Urban

06 Apr 2026

InsideFPV Delivers ₹10 Crore Kamikaze Drone Order Under MoD’s EPR Route

InsideFPV, a Surat-based drone technology manufacturer, has successfully executed a ₹10 crore defence contract to supply indigenous kamikaze drones under the Ministry of Defence’s Emergency Procurement Route (EPR). The company completed the delivery of hundreds of FPV kamikaze drone platforms within a rapid two-month timeframe, highlighting its ability to meet urgent military procurement timelines.The supply orders were fulfilled under the emergency procurement mechanism, which is aimed at fast-tracking acquisitions for immediate operational needs. InsideFPV’s quick execution reflects it..

Vedanta Resources Secures Fitch Upgrade to ‘BB-’, Best Rating Since 2015

Vedanta Resources Limited (VRL), a global player in metals, oil & gas, critical minerals, power and technology, has received a credit rating upgrade from Fitch Ratings, marking its strongest bond rating in over a decade.Fitch has raised Vedanta Resources’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BB-’ from ‘B+’, while maintaining a Stable Outlook. The agency also upgraded VRL’s senior unsecured rating, along with the ratings of US dollar-denominated bonds issued by Vedanta Resources Finance II Plc and guaranteed by VRL, to ‘BB-’.The upgrade represents Vedan..

NAREDCO NextGen NCR Chapter Launched

The NAREDCO NextGen NCR Chapter was recently launched at Excelerate 2026 in Mumbai, marking a key step towards integrating emerging real estate leaders from the National Capital Region with the national platform. The initiative aims to promote sustainable and responsible urban development through collaboration and knowledge exchange.The event brought together young developers, entrepreneurs, and professionals from across NCR, including Noida, Gurugram, Ghaziabad, Faridabad, Bhiwadi, and Meerut. Discussions focused on urban development, finance, sustainability, innovation, and policy, emphasisi..