Aramco in advanced talks to buy stock worth $25 bn in Reliance: Report
Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries’ (RIL’s) oil refining and chemicals business, people with knowledge of the matter said.
The Saudi Arabian firm is discussing the purchase of a roughly 20 per cent stake in the Reliance unit for about $20 billion to $25 billion-worth of Aramco shares, the people said, asking not to be identified because the information is private. Reliance, which is backed by Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks, the people said.
Shares in Reliance extended gains to as much as 2.6 per cent in Mumbai after the Bloomberg report. The scrip closed 1.09 per cent up on the BSE.
