Chevron is set to offload its 5 per cent stake in RPL to RIL, after marketing talks between the US oil company and RIL failed, sources told NDTV.
It is learnt that the stake sale would happen at RPL’s IPO price of Rs 60 a share.
RPL is in advanced stage of commissioning its Jamnagar refinery.
Also, deepening the RIL-Chevron divide was the issue over RIL using Shell’s technology and RIL’s sale of RPL stake in 2007, sources said.
In today's trade, RIL is down over 4 per cent while RPL has lost over 8 per cent. The Sensex is down nearly 3 per cent in noon trade.
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Then it is very bad news for the Reliance, it has to look into the new marketing areas, which will further affect the margins.
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