Reliance Industries, India's biggest listed company, is planning to offer $10bn for a controlling stake in LyondellBasell, the bankrupt Dutch-based US petrochemical giant, in what would be one of the largest offshore acquisitions by an Indian group.
The Indian conglomerate controlled by Mukesh Ambani, India's richest man according to Forbes, said at the weekend it had submitted a preliminary non-binding cash offer and was reviewing a number of global opportunities for growth in its core business.
“We have to finalise a few points but Reliance is preparing to put $10bn dollars on the table,” a person close to the group told the Financial Times. Another person familiar with the offer said $10bn was “about right, give or take $1bn”.