RIL eyes overseas buys for growth

Mukesh Ambani, chairman of India’s biggest firm, Reliance Industries (RIL), indicated on Tuesday that an overseas acquisition might be on the cards. There has been widespread speculation about a possible buy of LyondelBassel, a bankrupt Rotterdam-based petrochemical company. The company would scale up its current businesses and may acquire new ones.

The meeting approved the long-awaited bonus shares and the shareholders were told that their company was poised to grow with increasing oil and gas assets and the financial strengths to expand businesses. RIL fixed November 27 as the record date for distribution of bonus shares. Reliance Industries, with the largest number of shareholders among Indian companies of over 22 lakh, has been one of the most sought-after companies by investors with 25 per cent year-on-year returns for about three decades.crackcrack