Reliance stock soars on reports of $25 billion Aramco Deal

Mukesh Ambani's Reliance Industries is in talks to sell 20% stake in it's oil-to-chemical segment to oil giant Aramco for $ 25 billion as per Bloomberg. Reports indicate that Aramco is said to be in talks for all-stock deal for a stake in Reliance's unit stake.As per reports an agreement could be reached in the coming weeks. 

Also watch: Aramco chief steps into Reliance board

On the occasion of Reliance’s 44th Annual General Meeting (AGM) on June 24, RIL board had approved the appointment of Saudi Aramco chairman Yasir O. Al-Rumayyan, as an additional director of the company, designated as an independent director

In 2019, Reliance announced the sale of a 20% stake to Saudi Aramco, the world's top oil exporting company. But the deal could not progress in 2020 after the oil price crash and demand destruction caused by the pandemic, which saw Aramco tighten its belt.