Business »  Topic »  Deal stalls as Aramco seeks 20% cut in Reliance's O2C business valuation

Deal stalls as Aramco seeks 20% cut in Reliance's O2C business valuation


Ambani at Reliance's annual general meeting on Wednesday said the Aramco deal was delayed due to "unforeseen circumstances in the energy market and the Covid-19 situation"

Aramco felt the business would need substantial investment to convert oil to valuable chemicals and not produce substantial quantities of petrol, diesel, and ATF as Jamnagar refineries currently do

Reliance Industries' planned sale of a fifth of its oil-to-chemical business to Aramco has stalled after the Saudi company sought at least 20 per cent cut in $75 billion valuation billionaire Mukesh Ambani's firm was seeking.

Sources privy to negotiations said Saudi Aramco ...


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