India, hoping to strengthen ties with Saudi Arabia, the world's biggest oil producer, may become a cornerstone investor in Saudi Aramco when it goes IPO next year, according to India's Oil Ministry. Such an investment would be done by India's state oil refiners. 

Aramco plans to list 5% of its stocks next year and hopes to raise as much as $100 billion via the IPO. The proceeds would be used in exploration, extraction and continued development of existing fields. 

India is currently the world's largest oil consumer. Aramco is said to be interested in the joint venture to strengthen its ties with India. Oil minister Dharmendra Pradhan has told Reuters the purchase of a stake in Aramco could also help Indian state refiners progress on setting up a refining venture with Aramco inside Saudi Arabia.