As per the Times of India report, Saudi Aramco is in talks to buy up to 25% stake in Reliance Industries' refining and petrochemicals businesses.

Further the report said that a minor stake sale will fetch the company nearly $10 billion to $15 billion, valuing India's largest conglomerate at around $55 billion to 60 billion. The report added that Goldman Sachs has been appointed to guide on the proposed deal.

And the agreement for the valuation of the business development could be reached as early as June.

The interest of the world's leading crude oil producer in India's largest refining complex is on the back of Saudi Arabia's Crown Prince Mohammed bin Salman's visit to Delhi in February when he intended to invest over $100 billion in India over the next two years.

Also on the sidelines, Saudi Aramco's Amin Nasser, its CEO met Reliance Industries' Mukesh Ambani for discussing the businesses of its company that include crude, chemicals and non-metallics.

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