The Times of India reported Wednesday that Saudi Arabia Amy, the world’s largest crude oil producer, was “seriously discussing” the acquisition of a 25% stake in Reliance Industrial Refining and Petrochemical Business, Reuters reported.
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Reported that the sale of minority stakes may earn about $10 billion to $15 billion, the Indian company’s refinery and petrochemical business valuation is about $55 billion to $60 billion.
The Times of India quoted people familiar with the situation as saying that the valuation agreement could be reached around June. The report adds that Goldman Sachs is said to be authorized to advise on proposed transactions.
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Saudi Arabian Crown Prince Mohamed Ben Salman expressed his strong interest in India’s largest refinery after visiting India in February, saying he expected more than $100 billion worth of investment opportunities in the next two years.
In addition, Amin Nasser, chief executive of Saudi Ami, met with Mukesh Ambani, chairman of Reliance Group, to discuss Ami’s business, including crude oil, chemicals and non-metals.
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