Reliance Industries is preparing to submit a binding financial bid directly to the management of bankrupt petrochemical firm Lyondell Basell to acquire a controlling stake in the Netherlands based company. A source close to the Mukesh Ambani controlled group told Hindustan Times that Reliance was ready in the wake of an extension of timeframe to revamp the company. The rules of engagement say that RIL formally submit a bid to the existing management, which has the right of way on drafting a turnaroud plan.
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US Bankruptcy Judge Robert Gerber sitting in a Manhattan Court on Tuesday gave Lyondell Basell time till April 15 to file its own restructuring plan.
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