MUMBAI: Essar Group, controlled by India’s billionaire Ruia brothers, has held preliminary discussions with the national oil companies of Saudi Arabia and Iran about selling a stake in its refinery business, people with knowledge of the matter said.
Exploratory talks began last month between Saudi Arabian Oil Co (Aramco) and the Indian conglomerate about a stake in Essar Oil Ltd, which has a market value of about US$5.5bil, according to the people.
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