Aramco In Talks To Take Up 25% Stake In Reliance Industries’ Refining, Petrochemical Units
The Saudi Arabian oil company Saudi Aramco is in “serious discussions” to take up to 25 per cent stake in the refining and petrochemicals business of Reliance Industries.
A minority stake sale could fetch around $10 billion to $15 billion, valuing the Indian company’s refining and petrochemicals businesses at around $55 billion to 60 billion, the report said.
The agreement on valuation could be reached around June, the Indian newspaper reported, citing people with knowledge of the development. Goldman Sachs is said to have been mandated to advise on the proposed deal.
Aramco’s interest in the operator of the world’s biggest refining complex comes after Saudi Arabia’s Crown Prince Mohammed bin Salman’s visit to Delhi in February when he said he expected investment opportunities worth more than $100 billion in India over the next two years.
Separately, Saudi Aramco’s Chief Executive Officer Amin Nasser had met Reliance Chairman Mukesh Ambani to discuss the Saudi state-owned company’s businesses including crude, chemicals and non-metallics.
Aramco and Reliance were not available for comment outside business hours.