Richest Indian Mukesh Ambani-led Reliance Industries' talks to sell a minority stake in its refinery business to Saudi oil giant Aramco have hit a roadblock over valuation and deal structure, sources said.
Talks on Saudi Aramco picking up to 25 per cent stake in a proposed special purpose vehicle (SPV) housing the twin refineries of Reliance as well as the firm's petrochemical complex have been stalled over valuation, they said.
Also, the Saudi firm has disagreed with Reliance over the transfer of some of the Rs 2,88,243 crore group debt to the SPV.
The two firms are likely to continue discussions after Reliance makes changes.
Reached for comments, a Reliance spokesperson said, "As a policy, we do not comment on media speculation and rumours. Our company evaluates various opportunities on an ongoing basis."
During that visit, he also held talks with Ambani and he later tweeted: "We discussed opportunities for joint investments and cooperation in petrochemical, refining and communications projects."