Mukesh Ambani led Reliance Industries Ltd (RIL) is understood to have increased its offer to buy a controlling a stake in Lyondell Basell Industries AF, valuing the US Dutch bankrupt petrochemical firm at $13.5 billion (Rs 61830 crore) against the its earlier bid offer of $12 billion (Rs 54960 Crore) made last November.
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Although RIL officials declined to comment on a wall Street Journal report that said Reliance had sweetned its offer sources closed to the company confirmed that a revised offer letter had been sent to LyondellBasell’s board.
The Proposed acquisition would give Reliance Chemical plants two oil refineries and access to the US fuel market.
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