The talks between Saudi Aramco and Reliance Industries (RIL) for the Saudi oil major's stake purchase in RIL's oil-to-chemical business are in an advanced stage and may conclude in coming weeks.

Aramco is discussing the purchase of around 20 per cent stake in the Reliance arm for about $20-25 billion, reports have said.

A query on the matter from RIL did not elicit a response while mail sent to Aramco remained unanswered till the filing of the story.

Following the reports, RIL shares surged on the BSE. Around 2.40 p.m., RIL shares on the BSE were trading at Rs 2,178.50, higher by Rs 33.75, or 1.57 per cent, from its previous close.

Addressing RIL's 44th Annual General Meeting, RIL Chairman Mukesh Ambani said that he expects RIL's partnership with Saudi Aramco will be to be formalised in an "expeditious manner during this year", after obtaining required regulatory clearances.

Aramco Chairman Yasir Al Rumayyan has been appointed as an independent Director of RIL with effect from July 19.

Ambani had said that Rumayyan's joining the board is also the beginning of internationalisation of Reliance and more announcements on international plans of the company would come in times to come.