Both Reliance and LyondellBasell issued statements confirming a preliminary non-binding offer to acquire a controlling interest in the world's third largest independent chemical maker.
Reliance said it had made a preliminary non-binding offer to acquire, for cash, a controlling interest in LyondellBasell upon its emergence from Chapter 11.
"The offer is preliminary and subject to customary conditions including conduct of due diligence, documentation and receipt of sufficient creditor support," it said.
An industry insider said, "The largest acquisition by an Indian firm was when Tata acquired Corus for about USD 12 billion. I can say for sure that Reliance has offered more than that."
LyondellBasell said, "This offer (from Reliance) is in addition to the previous non-binding equity financing proposals received by the company and represents a potential alternative to the initial plan of reorganisation previously filed by the company."
LyondellBasell is privately owned by ProChemie GmbH, a joint venture of Access Industries and ProChemie Holding Ltd.