Mukesh Ambani is considering selling a 25% stake in Reliance Industries (RIL) to Saudi Aramco, world’s most profitable company and largest crude oil producer.
According to Mint, the two companies are in “serious discussions” about Saudi Aramco buying a quarter of RIL. Ambani is also seeking a higher valuation for his petrochemicals company.
Business Insider reported that Saudi Arabian Minister of Energy, Industry, and Mineral Resources Khalid A. Al-Falih met Ambani for a preliminary round of talks and even attended his son Akash’s wedding.
RIL has not officially commented on the deal but said it evaluates such opportunities on a rolling basis. Read More
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