Aramco in talks for 25 percent of Reliance's refining, petrochemical units: report

(Reuters) - Saudi Aramco, the world's largest crude oil producer, is in 'serious discussions' to acquire up to a 25 percent stake in Reliance Industries' refining and petrochemicals businesses, the Times of India reported on Wednesday.

Reuters April 17, 2019 05:05:22 IST
Aramco in talks for 25 percent of Reliance's refining, petrochemical units: report

Aramco in talks for 25 percent of Reliances refining petrochemical units report

(Reuters) - Saudi Aramco, the world's largest crude oil producer, is in "serious discussions" to acquire up to a 25 percent stake in Reliance Industries' refining and petrochemicals businesses, the Times of India reported on Wednesday.

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 http://bit.ly/2v5wzCL 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, the report added.

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.

(Reporting by Supriya Roy in Bengaluru; Editing by James Emmanuel)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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