Reliance Industries is in talks with more than a dozen banks to ready $8-10 billion war chest for the acquisition of Lyondell Basell, the world’s third largest petrochemical company that has filed for bankruptcy in US.
Talks are underway with banks, including Standard Chartered, Barclays Capital, HSBC and some French banks, bankers privy to the discussions told ET.
Reliance Group made a cash offer for Lyondell reportedly worth $10 billion to $12 billion last month.
If it succeeds, Reliance will gain greater access to the 19 countries where Lyondell currently operates and instantly make it one of the world's largest chemical makers.
Source:http://economictimes.indiatimes.com/news/news-by-industry/indl-goods-/-svs/petrochem/RIL-lines-up-10-bn-for-Lyondell-buy/articleshow/5312192.cmsLabels: Reliance, Reliance Group, Reliance Industries, RIL