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Reliance eyes major global acquisition

business Updated: Nov 09, 2009 21:48 IST
HT Correspondent
HT Correspondent
Hindustan Times
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India’s biggest private sector company —Reliance Industries Ltd — is exploring the possibility of a major global acquisition in the oil and gas space, a deal that could be worth $1-2 billion.

Sources close to RIL confirmed that the company is currently doing due diligence on four overseas companies--including the assets of bankrupt petrochemicals company LyondellBasell--for a possible acquisition.

When contacted, a RIL spokesperson said, “RIL is reviewing a number of global opportunities for growth in its core business.”

“The difficult operating environment of the past year has made available several interesting opportunities, where an
investment by a strategic operator of industrial assets can add substantial value.”

The RIL overseas acquisition buzz started getting louder after the company raised Rs 3,188 crore by selling its treasury
shares recently.

The company had cash reserves of Rs 18,000 crore as on 30 September.