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Bankrupt petrochemicals firm
LyondellBasell Industries has received a cash bid for a controlling stake of the
company from Reliance Industries Limited, India''s
private sector energy giant, according to the
Associated Foreign Press. Reliance did not say how much it had offered
LyondellBasell. The company, owned by industrialist Mukesh
Ambani, said it was reviewing opportunities for growth. If the deal went
through, it would catapult Reliance into the ring with global petrochemical companies. Luxembourg-based
LyondellBasell filed for bankruptcy protection in the US in January, shielding
it from its creditors and giving it time to restructure its businesses.
