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Share Trust industry Reports said the company was up more than 2% on Wednesday after with it Saudi Aramco The is accelerating.

reported that Aramco officials and bankers have been working in Mumbai's Reliance office this month to conduct due diligence.

Mukesh Ambani's Reliance is eager to sign a binding agreement before the next shareholder meeting, scheduled for the end September.

Reliance valued its petrochemicals division at $ 75 billion (including debt) in August, which means a 20% stake is valued at $ 15 billion. If the is completed at this , it will be the largest deal in since Walmart acquired a majority stake in Flipkart for $ 16 billion.

For Aramco, the deal is the largest deal since it agreed last year to a majority stake in Saudi Basic Chemicals for $ 69 billion.

Reliance has been working to reduce huge debt. According to the latest financial , as the end of December, the Indian conglomerate had debt of $ 43 billion.

Reliance has been selling its tower assets to a 49% stake in its fuel retail business to reduce leverage over the past few years due to capital injections into new areas such as telecommunications.

The rose 2.46% at BSE to 1502 rupees. Year to date, the index has fallen 0.73%.

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