Business Standard

Reliance's 20% stake sale to Saudi Aramco stalled over valuation: Report

Aramco wants India's Reliance to review its price for the oil-to-chemical business as the global valuation of oil assets has tumbled

reliance industries, RIL
Premium

Reuters New Delhi/London
Talks about selling a 20 per cent stake in Reliance Industries Ltd's oil-to-chemical business to Saudi Aramco have stalled over the valuation, four sources familiar with the matter said, as the energy market has been hit by Covid-19.

Aramco wants India's Reliance to review its price for the oil-to-chemical business as the global valuation of oil assets has tumbled due to falling demand for crude, one source said.

A second source said Aramco wanted to "revisit" the valuation.

Reliance Chairman Mukesh Ambani told shareholders on Wednesday a deal had been delayed due to "unforeseen circumstances in the energy market and

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Jul 16 2020 | 4:14 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com