BENGALURU, Nov 9 (Reuters) - Reliance Industries Ltd RELI.NS and Saudi Aramco 2222.SE are resuming talks over a 20% stake sale by the Indian conglomerate in its oil-to-chemical business after a brief pause due to COVID-19 pandemic, ET Now reported on Monday, citing sources.
Both the companies were committed to the deal and Aramco wants to do physical inspection of Reliance's assets in India, the report said. in July, Reuters had reported that Reliance's stake sale in its oil-to-chemicals business to Aramco had stalled over price. Chairman and Asia's richest man Mukesh Ambani told shareholders in July that the deal had been delayed due to "unforeseen circumstances in the energy market and the COVID-19 situation."
The initial deadline for completion of the deal, announced in August 2019, was March 2020. in October reported a 15% drop in September-quarter profit on Oct. 30, as the coronavirus crisis hammered its oil business, although the company reaped double-digit revenue growth at its Jio telecom service. Reliance has approached investors to take stakes in its retail business and has already raised around $20 billion from global investors this year by selling stakes in its Jio Platforms digital business.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.