Talks between Saudi Aramco and India’s Reliance Industries have hit a critical stage with a deal anticipated shortly.
Saudi Aramco is to acquire a stake of about 20 percent in Reliance Industries' oil refining and chemicals business for around $20 billion to $25 billion in Aramco's shares, Bloomberg News reported on Monday.
Talks started in 2019 and were revived recently after the deal was delayed due to the pandemic.
In late June, Reliance's chairman Mukesh Ambani said that he hoped this venture would formalise its partnership with Aramco and that its Chairman Yasir Al-Rumayyan will join the Indian conglomerate's board as an independent director.
Reliance shares were up 2.3% at 2,194.15 rupees. Shares of Mukesh Ambani-owned Reliance Industries Limited surged more than 2% higher to 2,197 rupees per share on the Bombay Stock Exchange.
Aramco did not immediately respond to a Reuters request for comment, while Reliance declined to comment.
