India may take part in world's biggest IPO, could invest in Saudi Aramco

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India said on Monday its state refiners could become cornerstone investors in Saudi Aramco when it floats its shares next year, as New Delhi seeks to strengthen ties with the world's largest oil producer.

Oil minister Dharmendra Pradhan told Reuters the purchase of a stake in Aramco could be part of a plan by Indian state refiners to set up a refining venture with the Saudi giant.

"I'm expecting Aramco to be a supplier for a very long time... We discussed the idea with (Saudi energy) minister (Khalid al) Faith in Houston this year. They (Aramco) are interested in the joint venture," Pradhan said in an interview.