Reliance Industries’ planned sale of a fifth of its oil-to-chemical business to Aramco has stalled after the Saudi company sought at least 20 per cent cut in USD 75 billion valuation billionaire Mukesh Ambani’s firm was seeking.
Sources privy to negotiations said Saudi Aramco had right from the beginning resisted the USD 15 billion price tag Reliance had put for the 20 per cent stake in O2C business, which comprises of the company’s twin refineries at Jamnagar in Gujarat, petrochemical plants and 51 per cent in fuel retailing venture.
And with crude oil prices plunging due to the pandemic, it sought a complete re-evaluation, putting a price tag of no more than USD 57-60 billion for the business (USD 11-12 billion for 20 per cent stake), they said.
