InvestorQ : What is the status of the proposal by Reliance Industries to sell its stake in refining business to Saudi Aramco?
diksha shah made post

What is the status of the proposal by Reliance Industries to sell its stake in refining business to Saudi Aramco?

Answer
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Arusha Ray answered.
9 months ago


In the light of the hold on the sale put by the government it looks like Reliance Industries will not be able to close the deal for a 20% stake sale in its oil to chemicals business to Saudi Aramco in this financial year. It may be recollected that the company had announced its plans to sell its 20% stake in its chemicals and refining business to Saudi Aramco in a deal valued at $15 billion. The idea behind with this deal is to start cutting the $45 billion of debt that RIL is carrying in its books currently. The purpose in the whole exercise is to eventually become a zero-debt company. However, the government had put on hold its approval for the sale due to some $3.5 billion of dues on account of its gas business, in collaboration with British Petroleum.