Saudi Aramco, the world's largest crude oil producer, is in "serious discussions" to acquire up to a 25 percent stake in Reliance Industries' refining and petrochemicals businesses, the Times of India reported on Wednesday.
A minority stake sale could fetch around $10 billion to $15 billion, valuing the Indian company's refining and petrochemicals businesses at around $55 billion to 60 billion, the report said.
The agreement on valuation could be reached around June, the Indian newspaper reported, citing people with knowledge of the development. Goldman Sachs is said to have been mandated to advise on the proposed deal, the report added.
Aramco's interest in the operator of the world's biggest refining complex comes after Saudi Arabia's Crown Prince Mohammed bin Salman's visit to Delhi in February when he said he expected investment opportunities worth more than $100 billion in India over the next two years.
Separately, Saudi Aramco's Chief Executive Officer Amin Nasser had met Reliance Chairman Mukesh Ambani to discuss the Saudi state-owned company's businesses including crude, chemicals and non-metallics.
Aramco and Reliance were not available for comment outside business hours.