Riyadh – Mubasher: State-owned Saudi Aramco is in talks with Reliance Industries to acquire up to 25% stake in the India-based firm’s refining and petrochemicals units, Reuters reported on Wednesday, citing the Times of India.
The transaction’s value may range from $10 billion to $15 billion, valuing the Indian company’s refining and petrochemicals operations at around $55 billion to $60 billion, the news agency said.
The two parties may complete the acquisition deal by June, the Indian newspaper reported, citing informed sources.
Goldman Sachs will be mandated to advise on the proposed transaction.
In the same vein, Aramco’s CEO Amin Nasser had met with Reliance’s chairman Mukesh Ambani to consider the future investments of the Saudi oil giant in India including crude, chemicals, and non-metallics.
It is worth noting that India is the world’s third biggest crude oil consumer.
