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's stake sale talks with Aramco stall over valuation, sources say
Reuters New Delhi/London
1 min read Last Updated : Jul 16 2020 | 4:14 PM IST
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 the Covid-19 situation".

Topics :Reliance IndustriesSaudi Aramco

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