Russia's Rosneft is reportedly in early-stage talks with Reliance Industries to sell its stake in Nayara Energy. The move could dramatically shift India’s oil refining and retail landscape.

Rosneft holds a 49.13% stake in Nayara, which operates the Vadinar refinery - India's second-largest private refinery - and runs a vast retail network of over 6,000 fuel stations. Sources say Reliance is exploring this acquisition as part of a broader plan to overtake Indian Oil Corporation as India's biggest refiner.

The discussions are still at a preliminary stage, with no formal proposal made yet. Valuation remains a sticking point, especially amid the sanctions-related complications Rosneft faces in repatriating funds from its Indian operations.

If Reliance pulls this off, it will not only gain significant refining capacity but also deepen its fuel retail footprint, pushing it far ahead of competitors.