Russia's Rosneft in early talks with Reliance to sell stake in India unit

Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned IOC to become India's No.1 oil refiner

- 

NEW DELHI: Russian oil giant PJSC Rosneft Oil Company is in early talks with Reliance Industries for sale of its 49.13 per cent stake in Nayara Energy, which operates a 20-million tonnes-a-year oil refinery and 6,750 petrol pumps in India, sources said.

Reliance has held preliminary talks for acquisition of Nayara, which will help it overtake state-owned Indian Oil Corporation (IOC) to become India's No. 1 oil refiner as well as give a meaningful presence in the fuel marketing space.

But the talks are at a preliminary stage and there is no guarantee that they may lead to a definite deal as valuation remains a sticky ground, three sources with direct knowledge of the matter said.

Top Rosneft officials have visited India at least thrice in the last one year, including visits to Ahmedabad and Mumbai, for talks with potential investors.