InvestorQ : What is happening on the RIL plan to sell stake to Aramco? Is that deal still on or has it been stopped by the government?
NISHA Nayak made post

What is happening on the RIL plan to sell stake to Aramco? Is that deal still on or has it been stopped by the government?

Answer
image
2 years ago
Follow

The deal had never been stopped. The government had only asked the court to stay the sale of assets till RIL cleared its other dues on the gas extraction business. In fact, in the last few weeks, the deal to sell 20% stake in Reliance refining business to Saudi Aramco has picked up steam. The proposal was first announced in August 2019 valuing the overall refining and petchem business at $75 billion with the 20% stake at $15 billion. RIL is keen to sign a binding agreement before the next AGM in September. The deal had been stalled due to outstanding fees owed by RIL on its gas finds. The government had actually asked the court to stop the sale to ensure that RIL refining business has enough assets to pay the outstanding amount to the government. It will help RIL reduce debt and the overall aim of RIL is to substantially reduce its over Rs.3 trillion in debt in the books of the group.

6 Views