(Milcah Anila, Intern Journalist) MUMBAI: Diversified giant Reliance Industries has resumed talks with foreign oil giant Saudi Aramco, English media reported. Reliance Industries has already struck a deal with Saudi Aramco to sell a 20 percent stake in the oil-chemicals business.
However, industry sources said that the negotiations have stalled due to the slowdown in the global economy and the fall in oil prices due to Covid-19. Earlier, it was reported that it was likely to sell a 20 percent stake for $ 15 billion. Experts estimate the value of the oil-chemicals business enterprise at $ 75 billion.
On the retail trail
Sources said RIL had recently resumed talks with Saudi Aramco following RIL’s successful sale of stakes in its subsidiaries Reliance Geoplatforms and Retail. However, English media reported that Saudi Aramco was interested in physically examining Reliance Industries’ oil assets.
Industry tycoon Mukesh Ambani has said that the deal with Aramco has been delayed due to Covid-19. However, the media reported that a deal was pending regarding the price. Industry sources said that when the deal was first announced, both the iconic companies were expected to sign by March 2020.
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