Saudi oil behemoth, Aramco, is in advanced talks to acquire 20% stake in India's Reliance Industries Ltd's oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Bloomberg News reported on Monday.
EXCLUSIVE: Saudi Aramco is in advanced talks to buy a stake worth up to $25 billion in the oil refining and chemicals business of Mukesh Ambani's Reliance Industries https://t.co/nztNYGYKRQ pic.twitter.com/3GJuoIYni4— Bloomberg (@business) August 16, 2021
The deal could be finalized as soon as the coming weeks, according to the report, which cited people with knowledge of the matter.
In 2019, Reliance announced a sale of a 20% stake in its oil-to-chemicals business to Saudi Aramco for $15 billion, but the deal was hindered due to fall in oil prices and demand caused by the pandemic.
Aramco did not immediately respond to a Reuters request for comment, while Reliance declined to comment.
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