Reliance Industries Ltd and Saudi Aramco are resuming talks over a 20% stake sale by the Indian conglomerate in its oil-to-chemical business after a brief pause due to COVID-19 pandemic, ET Now reported on Monday, citing sources.
Both the companies were committed to the deal and Aramco wants to do physical inspection of Reliance’s assets in India, the report said.
The deal, estimated to be about $15 billion as of August last year, had stalled over price, Reuters reported earlier this year.
Reliance’s shares have been on a tear in 2020, rising more than 35% this year, as it raised billions of dollars from global investors for its digital and retail arms.
