World's largest oil producer Saudi Aramco is in “serious discussions” to acquire a 25 percent stake in the refining and petrochemical businesses of Reliance Industries. The stake could be worth up to $15 billion, valuing the Mukesh Ambani-led company's refining and petrochemicals businesses at $60 billion, reports said. Ambani recently travelled to Saudi to meet Aramco CEO Amin Nasser.
Sources said, Aramco, which is also the world's largest oil exporter, made $111 billion in net profit last year, making it the most profitable company in the world. Aramco has shown interest in Reliance about four months ago, talks gathered momentum following the visit of Saudi crown prince Mohammed bin Salman (MBS) to India in February, during which he met RIL chairman Mukesh Ambani and started discussion. Saudi Crown Prince Mohammed bin Salman said, he anticipated over $100 billion in investment opportunities in India in the next two years.
If it goes through, the sale could fetch about $15 billion, valuing Reliance’s refining and petrochemicals businesses to reach $60 billion. Goldman Sachs has been tapped to advise on the potential deal.
