Saudi Aramco Close to Taking Stake in Reliance Industries

Saudi Aramco is in advanced talks to acquire a 20% stake in Reliance Industries' oil refining and chemicals unit for $20-25 billion in an all-stock deal. This strategic move aims to create cross holdings between the two companies, providing Reliance with a steady supply of Saudi crude and Aramco with a guaranteed buyer. The deal, delayed by the pandemic, is progressing with board nominations. Both companies are focusing on the energy transition, with Reliance spinning off its refining unit and Aramco targeting the petrochemical market for sustained demand.

What is the significance of the cross holdings between Saudi Aramco and Reliance Industries?

What challenges have affected the progress of the deal?