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Bloomberg reported that Aramco is in advanced talks on a deal worth up to $ 25 billion with Indian firm Relance.
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According to the report, Aramco is in advanced talks on an agreement to purchase a 20% stake in Reliance Industries’ petroleum-to-chemicals business. The report adds that a deal could be found in the coming weeks.
Following the report, Reliance Industries, owned by Indian businessman Mukesh Ambani, rose more than 2% to Rs 2,197 per share.
In 2019, Reliance, which operates the world’s largest refining complex, announced a deal with Aramco as part of the Indian company’s efforts to reduce its debt.
But in July 2020, Reliance Industries chairman Mukesh Ambani said the Indian group’s plan to sell Saudi Aramco a 20% stake in its petroleum-chemicals business had been delayed.
On the reason for the postponement of the agreement, he said: “Due to unforeseen circumstances in the energy market and the situation of ‘Covid-19’, no progress has been made in the agreement with Saudi Aramco according to the original schedule.
Source: Bloomberg
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