RIL scouts for global acquisitions

Reliance Industries (RIL) is actively looking for global acquisitions and one company that is being talked about in the context is the bankrupt Holland chemical company LyondellBasell, according to sources says a report by CNBC-TV18. The Mukesh Ambani led petro-chemical major is said to have made financing arrangements for upto $25 billion for the acquisitions.

According to sources, RIL has been approached by investment banks with several global proposals including one for US energy giant ConocoPhilips' refining assets, Volero, and assets of British Petroleum in Gulf of Mexico.

Sources say RIL may also consider selling some of its treasury stocks at the right time for buying any of the foreign assets, though such a date may not be less than four-five months away.

RIL has nearly $5 billion in cash even as its gross debt is around Rs70,000 crore as of March 2009.

Meanwhile, the company has undertaken a survey for diamonds in central India, according to a report in the Mint newspaper dated Wednesday. The report cited unnamed government and company officials.

According to a senior government official, the Madhya Pradesh government has handed over two reconnaissance permits and has signed an agreement with it to search for diamonds, the report said.