Reliance eyes higher valuation for refining arm in likely Aramco deal
Mumbai: Mukesh Ambani’s Reliance Industries Ltd (RIL) has sought a higher valuation for its refining and petrochemicals business as it considers selling a minority stake to Saudi Arabia’s state energy group, Saudi Aramco, said two officials directly aware of the development, requesting anonymity.
On Wednesday, The Times of India reported that Saudi Aramco is in talks with RIL to buy up to a 25% stake in its refining and petrochemicals business. A minority stake sale could fetch $10-15 billion, valuing the business at $60 billion, the report added. The petrochemical and refining business contributes 75% to RIL’s operating profit.
“Saudi Aramco wants to buy 25% stake, but RIL is ready to offer less than that. There are differences over the valuation,” said the first official mentioned above.
