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Reliance, Saudi Aramco stake sale talks stall

NEW DELHI:Reliance Industries’ talks to sell a minority stake in its refinery business to Saudi oil giant Aramco have hit a roadblock over valuation and deal structure, sources said.

New Delhi, July 23

Reliance Industries’ talks to sell a minority stake in its refinery business to Saudi oil giant Aramco have hit a roadblock over valuation and deal structure, sources said.

Talks on Saudi Aramco picking up to 25% stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm’s petrochemical complex have been stalled over valuation, they said. — PTI

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