India’s Reliance hits pause on $15bn Aramco deal, pushing shares down
Reliance had started to process to sell off the 20 per cent stake around two years ago, in a bid to slash mounting debt, for some $15bn.
However, over the two-year period, Reliance has whittled away at the around $41.8bn debt – becoming debt-free after also selling off stakes in its digital unit Jio Platforms.
Aramco has reportedly begun searching India for new investments.
“India offers tremendous growth opportunities over the long term,” Aramco said in a statement on Sunday.
The oil giant is set to “continue to evaluate new and existing business opportunities with our potential partners.”