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) - 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.
Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.
OTTAWA (Reuters) - Canadian Prime Minister Justin Trudeau on Friday said he will continue to stand up against China's "coercive diplomacy" and its human rights abuses in Hong Kong and Xinjiang after being rebuked by Beijing for similar comments earlier this week. "We will stand up loudly and clearly for human rights all around the world, whether it is talking about the situation faced by the Uighurs, whether it is talking about the very concerning situation in Hong Kong, whether it's calling out China for its coercive diplomacy," Trudeau said in a news conference. (Reporting by Steve Scherer and Julie Gordon, Editing by Franklin Paul)
By Caroline Pailliez PARIS (Reuters) - Solene Tissot, a 19-year-old student in Paris, will obey the curfew imposed to fight COVID-19, but she has one request for her country's leaders: don't blame young people for the second wave of the virus. "There's been this kind of assigning guilt to young people," she said on Friday, hours before the new curfew was to come into force in Paris and major French cities. "I reject that." After a lull over the summer, the rates of transmission of coronavirus are going up in many parts of Europe and officials have identified social interactions between young people as a source of the resurgence.
By Adrian Portugal and Eloisa Lopez MANILA (Reuters) - Jailed Philippine activist Reina Mae Nasino wanted to hold her three-month-old daughter for the last time before she was laid to rest on Friday but she could not. Heavily armed prison officials guarding her refused to uncuff her despite pleas from her family and human rights supporters, who have decried what they described as inhumane treatment of Nasino and other mothers in Philippine jails.