New Delhi: The proposed deal between Reliance Industries Limited (RIL) and Saudi Aramco for a 25 percent stake in Jamnagar refinery has hit a roadblock. Talks between the two companies seem to have stalled over valuation concerns, sources were quoted as saying by ET Now.
The media valuation taken by the Street for the core business comes to around $70 billion and the company has a debt of $50 billion on its books.
"Saudi Aramco is not keen on giving a steep valuation for this transaction, though it is keen on downstream and petchem assets. And India is not the only place it has been looking for assets. The company is also scouring Southeast Asia for assets that are available at lower valuations. That's why the talks actually hit the air pocket," the report said.
Goldman Sachs, which is serving as a key adviser for this transaction, is concerned that the talks may not materialise.
On Friday morning trade, shares of RIL slipped by 0.42 percent to settle at Rs 1,321.50, when BSE was down 120 points or 0.30 percent.
In the fourth quarter of the previous financial year, the company posted decent growth in consolidated profit, backed by strong show by retail and telecom divisions. RIL's consolidated profit grew by 9.
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79 percent at Rs 10,362 crore for the quarter ended March 31.