Saudi Aramco looks to spend $20-25bn on a Reliance stake: Report

The Saudi firm is discussing the purchase of a roughly 20-percent stake in Mukesh Ambani’s Reliance.

Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in Reliance Industries Ltd.’s oil refining and chemicals business, people with knowledge of the matter said. The Saudi Arabian firm is discussing the purchase of a roughly 20% stake in the Reliance unit for about $20 billion to $25 billion-worth of Aramco shares, the people said, asking not to be identified because the information is private. Reliance, which is backed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks, the people said. Shares in Reliance extended gains to as much as 2.6% in Mumbai after the Bloomberg News report.