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Partner 2 : Reliance Ind.
Reliance Industries Ltd. (RIL) was engaged in discussions with Aramco and had offered to sell it at least 20 per cent stake in a special purpose vehicle (SPV). The SPV was focused on covering refining, petrochemicals and marketing, with a special emphasis on expansion. However, the talks have ceased over issues concerning the valuation and structure of the deal. Reliance is seeking a higher valuation and wishes to transfer the debt of the holding company to the new SPV, as per news reports.