Economic Relations and Investments
Saudi Arabia is the 17th largest investor in India with an investment value reaching to US$ 3.13 billion (March 2021). Major Saudi investment groups include ZAMIL, ARAMCO, SABIC, E-holidays, and Al Batterjee Group. In addition to this, Soft Bank’s ‘Vision Fund’ has invested in Indian startups such as Delhivery, FirstCry, Grofers, Ola, OYO, Paytm, and PolicyBazaar. On the other hand, major Indian companies and corporate groups such as TCS, L&T, TCIL, TATA, Wipro, Shapoorji & Pallonji, etc. are keeping a strong foot in Saudi Arabia.
It is noteworthy that the bilateral trade in the fiscal year 2021-2022 stood at US$ 42.8 billion, and the kingdom alone accounts for 18% of India’s energy import, which reflects the significance of the country from the standpoint of New Delhi’s energy and economic security calculus.
Major proposed investments include the US$ 44 billion ‘West Coast Refinery & Petrochemicals Project’ in Maharashtra, which is being jointly built by Saudi Aramco, Abu Dhabi National Oil Company, and an Indian consortium.