In the meeting on the sidelines of the G20 summit, Modi said the Saudi Deputy Crown Prince has been a "strong friend of India", sources said.
"They held a detailed discussion on UN Security Council reform, with both leaders emphasising the need for expansion of the UNSC to include more permanent members," they said.
The prime minister called for strengthened partnership with Saudi Arabia in various areas such as maritime security, infrastructure, low-cost housing and energy sector.
Modi told the Saudi Deputy Crown Prince India could also become a source of food supply to the oil-rich Gulf Kingdom.
The deputy crown prince, who is the son of Saudi King Salman, holds the key defence and economic policy portfolios.
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