Reliance Industries weighs refinery unit stake sale to Aramco, Adnoc

Reliance's debt has risen over the past few years

Mukesh Ambani’s Reliance Industries is considering selling as much as25 per cent of its refinery business in a deal that could fetch at least $10 billion, people with knowledge of the matter said.

Reliance is sounding out potential investors including state-owned Saudi Arabian Oil Co. and Abu Dhabi National Oil Co. to gauge their interest, according to the people, who asked not to be identified because the information is private. Aramco has also been considering investing in a new Indian refinery that Reliance is planning to build, the people said.
 

Discussions are at an early stage, and valuation could be a