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Reliance's stake sale talks with Saudi Aramco gaining momentum - ET Now

BENGALURU, Nov 9 (Reuters) - Reliance Industries Ltd and Saudi Aramco are resuming talks over a 20% stake sale by the Indian conglomerate in its oil-to-chemical business after a brief pause due to COVID-19 pandemic, ET Now reported on Monday, citing sources.

Both the companies were committed to the deal and Aramco wants to do physical inspection of Reliance’s assets in India, the report said.

Earlier in July, Reuters had reported that Reliance’s stake sale in its oil-to-chemicals business to Aramco had stalled over price.

Reliance Chairman and Asia’s richest man Mukesh Ambani told shareholders in July that the deal had been delayed due to “unforeseen circumstances in the energy market and the COVID-19 situation.”

The initial deadline for completion of the deal, announced in August 2019, was March 2020.

Reliance in October reported a 15% drop in September-quarter profit on Oct. 30, as the coronavirus crisis hammered its oil business, although the company reaped double-digit revenue growth at its Jio telecom service.

Meanwhile, Reliance has approached investors to take stakes in its retail business and has already raised around $20 billion from global investors this year by selling stakes in its Jio Platforms digital business. (Reporting by Nallur Sethuraman in Bengaluru; Editing by Rashmi Aich)

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