Aramco in talks on up to US$25bil Reliance deal

Reliance, which is backed by Indian billionaire Mukesh Ambani (pic), could reach an agreement with Aramco as soon as the coming weeks.

NEW DELHI: Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd’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% stake in the Reliance unit for about US$20bil (RM84.72bil) to US$25bil (RM106bil) worth of Aramco shares, the people said, asking not to be identified because the information is private.