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Reliance Industries Ltd., India's biggest private sector company, said Saturday that it has made a preliminary, non-binding offer for bankrupt petrochemicals company LyondellBasell Industries AF SCA which news reports said could be worth at least $10 billion. The conglomerate, whose chairman is Mukesh Ambani, also said it was reviewing other global growth opportunities.

It didn't put a price to the LyondellBasell bid but the Financial Times estimated a figure of $10 billion, while the Times of India put the price at $12 billion or more. If it proceeds, the takeover would come close in value to Dow Chemical Co.'s April purchase of Rohm and Haas Co. for $16.3 billion and would be the largest purchase by an Indian company since Tata Steel Ltd.'s £6.7 billion ($11.1 billion) acquisition of the U.K.'s Corus Group plc in 2007.



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