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Reliance Industries Ltd.
BSE: 500325 | NSE: RELIANCE
Large Cap | Refineries
1457.60
-0.85 (-0.06%) RIL rules out buying LyondellBasell debt
Date: 10-12-2009Reliance Industries Ltd (RIL) has announced that it has no plans to buy debts of LyondellBasell Industries as reported in a certain section of the media. Earlier, there were media reports that RIL would assume around a fifth of LyondellBasell’s $27 billion gross debt initially.
The reports, citing an executive at a global bank whom they did not name, further said that RIL would be ready to make a $5–$6-billion payment towards the liabilities to the creditors for gaining their support for its plan to acquire LyondellBasell.
In November, RIL had made a $12 billion all-cash offer for a controlling interest in the world's third largest petrochemical company, LyondellBasell, which has a market valuation of $55 billion.crackcrack