Gautam Adani Considers A Deal That Didn't Work Out For Mukesh Ambani

A deal could help Aramco deepen relationships in one of the world's fastest-growing energy consumers.

Indian conglomerate Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in the world's largest oil exporter, people with knowledge of the matter said.

The group, led by Indian tycoon Gautam Adani, has held preliminary talks on a range of potential cooperation and joint investment opportunities with Saudi Aramco and the country's Public Investment Fund, according to the people. It has discussed the idea of buying part of the PIF's stake in Aramco, the people said. 

While Adani is unlikely to shell out billions of dollars in cash for Aramco stock, at least in the short term, it could seek to link an investment to a broader tie-up or asset swap deal, the people said. The Indian firm could team up with Aramco or subsidiaries like Sabic in areas such as renewable energy, crop nutrients or chemicals, one of the people said. 

Adani may also offer the PIF, which is Saudi Arabia's sovereign wealth fund, the opportunity to invest in infrastructure in India, another person said. Deliberations are at an early stage, and Adani hasn't made a decision on which form any potential cooperation could take, the people said.