SINGAPORE/LONDON : Reliance Industries Ltd.’s talks to sell a minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks, according to people familiar with the matter. Reliance in August valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake. For Aramco, the deal could be its biggest since agreeing to buy a majority stake in Saudi Basic Chemicals for $69 billion last year. Ambani in August told shareholders that Reliance and Aramco had agreed to a non-binding deal for a 20% stake in the oil-to-chemical operations. Deliberations between Reliance and Aramco are ongoing and talks could still fall apart, the people said.

Source: Mint February 18, 2020 13:52 UTC