After LyondellBasell Industries (LBI) settled the dispute with the unsecured creditors there had been speculations RIL might back out from the race to acquire the petrochemical giant. LBI, following the settlement with their unsecured creditors had called in for higher bids.

RIL who had made an earlier offer of $13.5 billion would now have to raise it close $15 billion to just stay in the race. RIL is also exploring other options like the stock and cash option apart from raising the bid.

The total value of the acquisition might have gone up but RIL is firm on its part to leave no stone unturned to acquire LBI. However, analysts believe that the option of stock or cash hardly matters, what actually matters is the total amount RIL is willing to pay.

RIL will try to convince the court and the creditors that their offer would ensure a better future for this loss-ridden company. RIL would focus on highlighting the synergies in business and cross savings as their selling point to the creditors.

Investors and market though do not seem to be fully convinced about the deal, the share price fell about 3.5% to close on Rs 997 yesterday.