Global Processing

India''s Reliance bids for bankrupt LyondellBasell

November 23, 2009
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.