NEW DELHI: 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. Reliance, which is backed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks, the people said. Ambani confirmed talks about a deal with an implied stake valuation of US$15bil (RM63.54bil) that same year. Aramco said last week due diligence on a deal with Reliance was underway. Saudi Aramco is looking to spend on renewable energy projects alongside the sovereign investor, the Public Investment Fund, as global economies seek to transition to greener energy.

Source: The Star August 16, 2021 23:03 UTC