Reliance, Aramco talks on refinery stake sale said to have come to halt

Mukesh Ambani. Photographer: Simon Dawson/Bloomberg

Indian billionaire Mukesh Ambani’s Reliance Industries Ltd.’s talks to sell a minority stake in its refinery business to Saudi Arabian Oil Co. have stalled on differences over the deal’s structure, people with knowledge of the matter said.

Aramco is concerned about Reliance’s proposal to shift some debt of the wider group to its refinery business ahead of the transaction, said the people, who asked not to be identified as the discussions are private. The Indian company is working on alternatives and negotiations could still resume and lead to a compromise in the coming months, the people said.

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