Reliance's shares have been on a tear in 2020, rising more than 35% this year, as it raised billions of dollars from global investors for its digital and retail arms.
"India offers tremendous growth opportunities over the long term and Aramco continues to evaluate new business opportunities with our potential partners," Saudi Aramco said in an e-mailed statement.
Reliance did not respond to a Reuters request for comment.
Reliance Chairman and Asia's richest man Mukesh Ambani told shareholders in July that the deal had been delayed due to "unforeseen circumstances in the energy market and the COVID-19 situation."
The oil-to-telecoms company in October reported a 15% drop in September-quarter profit as the coronavirus crisis hammered its mainstay energy business, although it reaped double-digit revenue growth at its Jio telecom service.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.