New Delhi, Feb 18 (IANS): Mukesh Ambani's Reliance Industries Ltd (RIL) and Saudi Aramco have fast-tracked the discussions for a stake sale to the Saudi oil major.

The two companies had signed an MoU for Saudi Aramco to acquire 20 per cent stake in RIL's oil to petrochemicals division.

It is now learnt that the talks which had got stuck on valuation issues have now gathered pace.

The valuation of the 20 per cent stake in RIL's oil division is being finalised at $15 billion.

Executives from Saudi Aramco are said to have conducted due diligence exercise at the RIL offices in Mumbai.

RIL Chairman Ambani is understood to be keen to finalise the agreement for stake sale before the company's annual general meeting (AGM) in September this year.

In an emailed response to IANS on its India plans, Saudi Aramco had said: "Saudi Aramco continues to explore potential growth opportunities in Asia including India and will update as and when necessary."