Saudi Aramco could pay up to $15bn for a stake in an Indian refining and petrochemicals business, according to reports.
The Saudi oil giant, which on Monday acquired a large slice of a South Korean refiner, is in talks to buy 25 per cent of Reliance Industry, the Time of India reported.
A source confirmed to Reuters that the discussions were “serious”.
“Reliance has offered an integrated deal – a stake in existing refineries and the planned 600,000 barrels per day (Jamnagar) refinery, along with petrochemical business,” a second source told the agency.
In February, Aramco’s chief executive Amin Nasser said his firm was in talks over investing in Indian projects involving firms such as Reliance.
Reliance is majority-owned by Mukesh Ambani and refines 1.4m barrels of oil per day. It plans to reach 2m barrels by 2030.
During a visit to India in February Saudi Crown Prince Mohammed bin Salman predicted there will be investment opportunities totalling more than $100bn in the country in the next two years.
Earlier this week Saudi Aramco announced it was investing 1.4 trillion won (£944m) for a 17 per cent stake in South Korean refiner Hyundai Oilbank.
The deal, which includes the option of buying another 2.9 per cent of the firm, made Oilbank’s owner Hyundai Heavy Industries reconsider its plans to list the firm.
In late March the oil giant penned a $70bn deal to buy the majority of petrochemicals firm Sabic.