Reliance's Mukesh Ambani and #Saudi Aramco Accelerate Stake Talks - Bloomberg

Reliance's Mukesh Ambani and Saudi Aramco Accelerate Stake Talks - Bloomberg:

Reliance Industries Ltd.’s talks to sell a minority stake in its oil-to-chemical division to Saudi Aramco have been gathering pace in recent weeks, according to people familiar with the matter.

Aramco officials and bankers on the deal have been working at Reliance’s offices in Mumbai for due diligence this month, according to the people, who asked not to be identified as the information isn’t public. Both parties are trying to overcome differences over the deal’s structure, which had stalled the process last year, Bloomberg News previously reported.

Indian billionaire Mukesh Ambani’s Reliance is keen to sign a binding agreement before the next annual shareholders meeting, which is due to take place before the end of September, one of the people said. 


Reliance in August valued its oil-to-chemicals division at $75 billion including debt, implying a $15 billion valuation for the 20% stake. If the deal closes at this value, it will be the largest transaction in India since Walmart Inc.’s $16 billion acquisition of a majority stake in Flipkart Online Services Pvt. For Aramco, the deal could be its biggest since agreeing to buy a majority stake in Saudi Basic Chemicals for $69 billion last year.