Shares of Reliance Industries
were trading 2% higher in Thursday’s noon trade ahead of release of its earnings after media reports suggested that Saudi Aramco is planning to acquire 25% stake in RIL’s refining and petrochemical business.
As per media reports, the duo is planning to strike an agreement on valuation around June, 2019. As per Times of India report, the deal could fetch $10-15bn, valuing RIL’s business at $60bn.
Further, Aramco has been trying very hard to entering India since 2016. In June 2017, the oil giant along with the Abu Dhabi National Oil Co. had inked an MoU to develop and build a $44bn integrated refinery and petrochemicals complex at Ratnagiri in Maharashtra. However, the plan got delayed after farmers refused to give up their land for the project. Subsequently, in February, the state government decided to shift the project from coastal Ratnagiri to neighbouring Raigad district.
Besides, investors are also focusing on Reliance Industries’ performance report for the final quarter of FY19.
Reliance Industries Ltd's share price is currently at Rs1,375.20, up by Rs29.9 or 2.22%, from its previous close of Rs1,345.30 on the BSE.
The scrip opened at Rs1,365.45 and has touched a high and low of Rs1,383.95 and Rs1,365, respectively. So far, 94,82,826 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs8,52,752.11cr.