Oil giant Saudi Arabia is in advanced talks to acquire about 20% stake in Reliance Industries Ltd for $20 billion to $25 billion.
The deal in Reliance will be all-stock, backed by Aramco’s shares, and could close in the coming weeks.
Aramco’s deal in Reliance, which is owned by Indian billionaire Mukesh Ambani, is expected to boost the oil giant’s crude sales in the Southeast Asian country.
Reliance could profit from the deal through a steady crude supply besides being a shareholder in Aramco.
The deal would mark the end of two-year negotiations between Aramco and Reliance after discussions were offset by the ongoing Covid-19 pandemic.
Deals of the Aramco-Reliance transaction are being worked on and talks could still fall apart.
Reliance will own a stake of about 1% in Aramco after the close of the deal, based on the oil giant’s $1.9 trillion valuations.
2222 is down -0.85%, RELIANCE is up +1.09%.
