Saudi Aramco is in “serious discussions” to acquire a 25 percent stake in the refining and petrochemical businesses of India’s Reliance Industries, according to a report in the Times of India.
According to anonymous sources cited by the newspaper, an agreement on valuation could be reached as early as June.
If it goes through, the sale could fetch between $10 billion and $15 billion, valuing Reliance’s refining and petrochemicals businesses at between $55 billion and $60 billion.
The report added that Goldman Sachs has been tapped to advise on the potential deal.
In a February visit to New Delhi, Saudi Crown Prince Mohammed bin Salman said he anticipated over $100 billion in investment opportunities in India in the next two years.
In a separate meeting, Aramco CEO Amin Nasser met with Reliance chairman Mukesh Ambani to discuss the company’s various business verticals.
Aramco made $111 billion in net profit last year, making it the most profitable company in the world.
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