Reliance Industries says not in talks with Valero

NEW DELHI: Setting speculations on its next acquisition at rest, Reliance Industries ( RIL) today said it is not in talks to acquire the US-based oil refiner Valero Energy.

"While it is, and will remain, the policy of Reliance not to comment on market rumors, in light of the materiality of the rumored transaction, Reliance wishes to dispel the rumors and announce that it is not in discussions with Valero nor otherwise considering an acquisition of Valero," the company said in a brief statement late tonight.

The statement came in response to Western media reports that RIL was considering making a bid for Valero.