Talks have revived between Saudi Aramco and Reliance Industries Limited (RIL) on a cash and share deal for the sale of 20 percent stake in the Mukesh Ambani-led company's oil refining and petrochemical arm, the Financial Times reported on April 28, citing three people familiar with the development.
RIL has declined to comment on the report.
While no official statement was issued by Aramco either, Saudi Arabia Crown Prince Mohammed bin Salman gave room to speculations by claiming that talks are underway for the sale of a minority stake in the state-run company to a foreign investor.
"I don’t want to give any promises but there’s a discussion for the acquisition of 1 per cent," FT quoted him as saying in a television interview on April 27. The report, however, noted that the Crown Prince could have been veiledly referring to the talks with Chinese and other investors as well.
An official announcement related to talks between RIL and Aramco was made around two years ago by Ambani. The Indian billionaire, while speaking at the company’s annual general meeting in August 2019, said the deal, if completed, would the biggest foreign investment in the history of RIL.
If the deal is finalised, it would also be the first time when Saudi Aramco would pay for a transaction using shares.Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.