KEY POINTS
  • An agreement could be reached as soon as the coming weeks, according to the report, which cited people with knowledge of the matter.
  • Reliance announced a sale of a 20% stake in its oil-to-chemicals business to Aramco for $15 billion in 2019, but the deal stalled after oil prices and demand crashed last year due to the pandemic.

Saudi Aramco is in advanced talks to acquire a roughly 20% stake in Reliance Industries' oil refining and chemicals business for about $20 billion to $25 billion in Aramco's shares, Bloomberg News reported on Monday.

An agreement could be reached as soon as the coming weeks, according to the report, which cited people with knowledge of the matter.