The Competition Commission of India (CCI) said on Friday it approved Saudi Aramco's acquisition of a 70 per cent stake in Saudi Basic Industries Corporation (SABIC).

An approval from the country's antitrust body is required as SABIC has subsidiaries operating in India, while Aramco Overseas Co, a unit of Saudi Aramco, also has an office in India.

In March, Saudi Aramco had agreed to buy the stake for $69.1 billion, in one of the biggest deals in the global chemical industry.