Recently, Saudi Aramco is in progressive talks for an all-stock deal to procure stock in Reliance Industries Ltd.'s oil refining and chemicals business.

The Saudi Arabian firm is conferring the acquisition of a roughly 20 percent stake in the Reliance unit for about $20 billion to $25 billion worth of Aramco shares, asking not to be known since the information is private. Reliance, which is financed by Indian billionaire Mukesh Ambani, could reach an agreement with Aramco as soon as the coming weeks.

Shares in Reliance extended gains to as much as 2.6 percent in Mumbai. A deal would fake nearer draws amid the world's major oil exporter and one of the fastest-growing drive patrons.

It would cover more than two years of discussions and spot Aramco's first all-stock deal since its initial public offering in 2019. Mr. Ambani confirmed talks about a deal with an implied stake valuation of $15 billion that same year. Discussions were delayed by the onset of the coronavirus pandemic and slump in oil prices.

The company states, “A transaction would boost Aramco's sales of crude to India. For Reliance, it would help to lock in a steady supply of oil for its giant refineries and make the Indian company a shareholder in Aramco. Based on Aramco's market valuation of about $1.9 trillion, a transaction would give Reliance a stake of around 1 percent. Details of the potential transaction are still being negotiated, and talks could drag on longer or fall apart. A representative for Aramco declined to comment. The Saudi government's Center for International Communication didn't immediately.”

A representative for Reliance said, “Company does not have anything to add beyond Ambani's comments at the shareholders' meeting in June, when the conglomerate appointed Aramco Chairman Yasir Al-Rumayyan to the board. Mr Ambani had said Reliance could finalize an investment deal with the oil producer this year. The Saudi government sold 2 percent of Aramco in the IPO, raising almost $30 billion. It's still the largest first-time share sale on record.”

“In April the kingdom was in talks to sell a 1 percent stake in Aramco to a leading global energy company. This deal could be very important in strengthening Aramco's sales in the country where this company resides," said, Crown Prince Mohammed bin Salman, the de facto ruler.

Saudi Arabia shipped 613,000 barrels a day of crude to India in July, around 10 percent of its total exports.