According to information forwarded by sources-in-the-know, Indian energy biggie, Reliance Industries, recently made a 'cash' offer for the purchase of a controlling stake in the closely-held, bankrupt, Rotterdam-based chemicals and fuels manufacturer - the LyondellBasell Industries AF.

Refraining from disclosing the financial terms of the reported transaction, LyondellBasell said that the acquisition, which characterizes a "potential alternative" to the company's reorganization plan, will be coordinated with its emergence from Chapter 11 bankruptcy.

Lyondell Chemical and LyondellBasell Industries' other US affiliates filed for bankruptcy protection in January this year. As per the petition filed in US Bankruptcy Court in Manhattan, the assets of Lyondell Chemical stood at $27.1 billion; while it had a debt of over $19.4 billion, along with nearly 25,000 creditors.

Meanwhile, according to the unnamed inside sources, "the offer is in the vicinity of about $10 to $12 billion"; which will make the proposed acquisition one of the largest overseas buyouts by an Indian company. The offer, upon materialization, will lead to the creation of one of the world's biggest petrochemical firms.

In a news release, the Mumbai-based Reliance Industries - which is planning international expansion, taking advantage of low valuations - said that the LyondellBasell buyout offer "is preliminary and subject to customary conditions including conduct of due diligence, documentation and receipt of sufficient creditor support."