Saudi Aramco, the world’s largest and most profitable oil company has agreed to take a 20% stake in the oil and chemicals business of Reliance Industries Ltd. for $15 billion. This is top dollar valuations because this values the refining and chemicals division of RIL at nearly $75 billion. If you add the value of the telecom and the retail business, which is valued at nearly $65 billion as per conservative estimates then based on the likely deal you are looking at an overall valuation of RIL at closer to $140 billion. The stock quotes at a valuation of around $110 billion currently and that leaves an approximate upside of around 25% on the stock. While, that is not any statement on the likely price movement, this deal has surely made RIL look undervalued at this point of time.