Company Reliance Industries Ltd. And Saudi Aramco started talks about selling minority stake in its oil-to-chemical division. Both countries tried to successfully close the deal from last year. Officials on both sides worked on this deal from last month. There is no more information about the transaction, because both sides didn’t want to answer about Company Reliance Industries Ltd. And Saudi Aramco started talks about selling minority stake in its oil-to-chemical division. Both countries tried to successfully close the deal from last year. Officials on both sides worked on this deal from last month. There is no more information about the transaction, because both sides didn’t want to answer about acquisition. Indian billionaire Mukesh Ambani’s Reliance is keen to sign a binding agreement before the next annual shareholders meeting, which is due to take place before the end of September. Analysts settled the price of the Reliance’s oil to technical division on 75 billion USD including debt in August 2019. Expectation is that Aramco wants to buy 20% stake of Reliance, priced on 15 billion USD.

This transaction will second largest buyout transaction, after American retailer Wallmart acquired Flipkart Online Services Pvt. for 16 billion USD. On the other side, this transaction is for Aramco biggest acquisition after buying majority stake of Saudi Basic Chemicals for 69 billion USD last year.

Indian government has already tried to suit companies to stop transaction, but it only delayed the transaction.

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