Reliance Industries Limited's (RIL) LyondellBasell aspiration received a set back on Tuesday as the latter struck a deal to finish its disputes with the creditors. Now RIL is left with two options; either to raise its bid or abandon its bid to acquire the company.

On Tuesday, the target company announced that it has settled the dispute and now working on a reorganization plan to move out of bankruptcy.

Earlier Reliance offered a $13.5 billion deal to buy bankrupt LyondellBasell, which was struggling with its creditors.

While RIL denied to comment on the developments, Luxembourg-based LyondellBasell, in a statement, made it clear that an alternative offer must be substantially more attractive to be considered.

Mukesh Ambani-led Reliance Industries is currently betting big on its overseas expansion. It has already raised $2 billion by selling stocks to fund expansions.

Analysts believe even if RIL does not increase its bid, it would certainly look abroad for other options. As per reports, the company has also offered to acquire Canada-based oil-sands company Value Creation Inc. for $2 billion.

Recently RIL posted its first increase in quarterly profits in five quarters.