RIL holds 64 per cent in RPL's equity of Rs 4,299.49 crore. According to sources, this deal is likely to fetch RIL a hefty Rs 3,000 crore.

Recently, Reliance Industries managing director Anil Ambani had hinted at the offering of stake in Reliance Petro, during his interaction with the media while declaring the company's third quarter results.

Mr Ambani had said: "We are open to the proposal of offering 10 per cent of our stake in Reliance Petroleum to a foreign partner who can add value to the business." He also said: "We feel that Rs 700-750 a share is appropriate value for the investment in RPL."

It is reliably learnt that the talks between RIL and KPC are at advanced stage and KPC will pick up this 8 per cent stake at a premium of 16.45 per cent of RPL's 52-week high price of Rs 73. KPC will buy 34.40 crore shares of RPL at Rs 85, which will give RIL a huge cash inflow of Rs 2,923.59 crore.

When contacted, an RIL spokesperson said: ``As per the policy of the company, we do not respond to market speculation and as far as the stake sale is concerned, we do not want to make any comment on it.''

The stock markets appear to have sensed the developments taking place on the RPL-Kuwait Petro front. Both the RIL and RPL counters reacted positively to possibilities of the stake sale, with the Reliance Industries stock hitting the 52-week high of Rs 406.70 and Reliance Petroleum touching Rs 68.70 on the Bombay Stock Exchange, up from the previous day's close of Rs 67.20.

Both the counters also witnessed huge volumes on the bourses on Monday. Reliance Industries clocked a combined volume of 1.30 crore shares and Reliance Petroleum notched up a volume of 2.25 crore on both the exchanges taken together.

Analysts said the stake sale would augment shareholder value for RIL, while the tieup with Kuwait Petro would also be mutually beneficial for both Reliance Petro and Kuwait Petro.