New Delhi: Reliance Industries is unlikely to close the deal for 20 per cent stake in its oil to chemicals business to Saudi Aramco by March 31 this year, according to a senior company official. In August last year, the company announced its plans to sell its 20 per cent stake in its flagship chemicals and refining business to Saudi Aramco in a deal valued at USD 15 billion.The deal, is aimed at cutting its massive debt and secure an assured supply of crude oil to its refineries, was expected to be closed by March 31, 2020.“…it will not be a deal which will get done by March 31. It’s a large transaction, large cross border transaction, a complex transaction and so timeline is something we have to be realistic about,” its joint chief financial officer V Srikanth told reporters here.
The company’s net debt levels have reduced from Rs 1.57 lakh crore in the second quarter of the fiscal to Rs 1.53 lakh crore in Q3 FY-2020.
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