Saudi Arabia’s oil giant Aramco is in “serious discussions” to buy up to 25 percent of the refining and petrochemicals businesses of India’s largest company, Reliance Industries, The Times of India reported on Wednesday, citing people with knowledge of the developments. Aramco first showed interest in Reliance’s downstream business four months ago, but discussions have sped up since Saudi Crown Prince Mohammed bin Salman visited India in February, according to The Times of India. The two sides could reach an agreement on the value of a possible deal around June, the Indian outlet’s sources said. A stake of 25 percent could fetch around US$10 billion-US$15 billion for Reliance, which would value the Indian company’s total refining and petrochemicals business at some US$55 billion-US$60 billion. In recent years, Saudi Arabia has been pursuing downstream deals in Asia—the most prized market for oil exporting nations, aiming to lock in future demand […]