Mumbai: Bankrupt petrochemicals firm LyondellBasell has rejected a bid by Indian energy major Reliance Industries, a news agency reported, citing two people briefed on the matter.
Reliance, controlled by billionaire Mukesh Ambani, is likely to turn its attention to other acquisition opportunities if its bid for Lyondell, valuing the bankrupt firm at $14.5 billion, falls short.
Weighed down by massive debts, LyondellBasell's US operations and one of its European holding companies had filed for Chapter 11 bankruptcy protection in 2009.
Bureau Report
First Published: Tuesday, March 02, 2010, 12:41