Mumbai: Oil and crude have always created a buzz in the global market. As India is one of the economies where the oil demand is constantly increasing, it attracts market for the foreign oil companies to put their money in Indian Market.
RIL (Reliance Industry Limited) has sold its 20% stake in its refining and petrochemicals business for $15 billion to Saudi Aramco on Monday, speculation has been rife if the latter would keep its commitment to the $44 billion west coast refinery and petrochemicals project being implemented in Maharashtra. The project called Ratnagiri Refinery and Petrochemicals Ltd (RRPCL), facing land acquisition challenges, has been moved from its original site in Ratnagiri to Roha.
Senior official from oil marketing company told “Saudi Aramco has a voracious appetite for the Indian market. A 20% stake in RIL will not satisfy that. In fact, Saudi Aramco wants a bigger share of the 50% stake in the west coast refinery,”. This shows the interest and appetite Aramco has for Indian sector.
RRPCL is a joint venture between Saudi Aramco, Abu Dhabi National Oil Company (Adnoc), and three state-run oil marketing companies, Indian Oil Corp. (IOCL), Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. (BPCL). Saudi Aramco and Adnoc will jointly own 50% of the refinery, with the remaining 50% being owned by the Indian oil companies. Sales of gasoline, or petrol, were 8.8% higher from a year earlier at 2.52 million ton, while diesel sales climbed 3.3%, its highest year-on-year rise since January, to 6.83 million ton.
Zomato acquires UberEats India for nearly Rs 2,500 crore
New Delhi: Zomato on Tuesday announced that it has acquired Uber’s Food Delivery Business in India in an all-stock deal and Uber will have 9.99 per cent stake in the Deepinder Goyal-led food delivery platform.
According to sources close to the deal, it is in the range of over $350 million or nearly Rs 2,500 crore.
Uber Eats in India will discontinue operations and direct restaurants, delivery partners, and users of the Uber Eats apps to the Zomato platform, effective from Tuesday.
“We are proud to have pioneered restaurant discovery and to have created a leading food delivery business across more than 500 cities in India. This acquisition significantly strengthens our position in the category,” said Goyal, Founder and CEO, Zomato.
According to company sources, for the first three quarters of 2019, “our Uber Eats business comprised 3 per cent of our global Eats gross bookings, but was more than 25 per cent of our global Eats Segment Adjusted EBITDA losses”.
Uber started its food delivery service in India around mid-2017, but has not been able to scale up in the face of big players like Zomato and Swiggy.
It currently has nearly 26,000 restuarants listed on its platform from over 40 cities.
The market is piping hot as according to a recent study by business consultancy firm Market Research Future, the online food ordering market in India is likely to grow at over 16 per cent annually to touch $17.02 billion by 2023.
Uber CEO Dara Khosrowshahi said that the Uber Eats team in India has achieved an incredible amount over the last two years.
“India remains an exceptionally important market to Uber and we will continue to invest in growing our local Rides business, which is already the clear category leader,” said Khosrowshahi.
“We have been very impressed by Zomato’s ability to grow rapidly in a capital-efficient manner and we wish them continued success,” he added.
On January 10, Zomato had announced that it has secured $150 million in fresh funding from Ant Financial, a subsidiary of China-based giant Alibaba.
The latest round of funding in Zomato, which currently value the company at $3 billion, is part of $600 million funding round announced by Zomato CEO Goyal at a Delhi event last December.
The deal comes in the wake of merger talks between Zomato and Swiggy, whoch both the companies have denied to date.