Goldman Sachs is alleged to have been mandated to advise on the proposed deal, the report added.
A minority stake sale may fetch round $10 billion to $15 billion, valuing the Indian firm’s refining and petrochemicals companies at round $55 billion to 60 billion, the report stated.
Saudi Aramco, the world’s largest crude oil producer, is in “critical discussions” to amass as much as a 25 per cent stake in Reliance Industries’ refining and petrochemicals companies, the Times of India reported on Wednesday.
Aramco’s curiosity within the operator of the world’s largest refining complicated comes after Saudi Arabia’s Crown Prince Mohammed bin Salman’s go to to Delhi in February when he stated he anticipated funding alternatives price greater than $100 billion in India over the following two years.
The settlement on valuation might be reached round June, the newspaper reported, citing individuals with information of the event. Goldman Sachs is alleged to have been mandated to advise on the proposed deal, the report added.
Separately, Saudi Aramco’s chief govt officer, Amin Nasser, had met Reliance Industries chairman Mukesh Ambani to debate the Saudi state-owned firm’s companies together with crude, chemical compounds and non-metallics.
Saudi Aramco and Reliance Industries weren’t out there for remark exterior enterprise hours.
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