Saudi Aramco to acquire 25% stake in Reliance’s refining and petrochemical business

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Saudi Aramco, the world's largest crude producer, is in "serious discussions" about acquiring a 25 percent stake in Reliance Industries' refining and petrochemicals business, The Times of India reported on Wednesday.

According to reports, the sale of the minority stake could bring in proceeds of about US$10 billion to US$15 billion, valuing Reliance Industries' refining and petrochemical business at US$55 billion to US$60 billion.

The "Times of India" quoted relevant people familiar with the matter as saying that the valuation agreement may be reached around June. Goldman Sachs was commissioned to advise on the proposed transaction, the report added.

Earlier, Saudi Crown Prince Mohammed bin Salman visited Delhi in February this year, saying that Saudi Arabia plans to invest more than $100 billion in India in the next two years.

Saudi Aramco CEO Amin Nasser met individually with Reliance Chairman Mukesh Ambani to discuss Saudi Aramco's various businesses including crude oil, chemicals and non-metals.