(ET)
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”.
