The Reliance Industries' statement, which said that the company has not planned to pay any debt of Lyondellbasell Industries, helped RIL's share to recover and sell just 0.70% lower at Rs.
1072.65.

The share price of the RIL decreased by 1.60% to Rs. 1063 one day before the company's clarification on the subject. On Wednesday, 9 December 2009, Media said through a report that the Reliance Industries may buy out a fifth of the LyondellBasell's $27 billion gross debt and the rest of the amount after the acquisition, which is a step that has been aimed towards gaining the confidence of creditors, under the company's plan to acquire Lyondellbasel.

Lyondellbasel, the World's third largest petrochemical company, which has been going through proceedings under bankruptcy, has a debt of $ 7.06 billion in bonds and loans maturing in the next year and a more than $20 billion debt due through the year 2027.

RIL has made an offer to take a controlling interest in LyondellBasell Industries, after it exits bankruptcy. If successful, the deal will create a global energy and chemicals powerhouse, which will have combined revenue of nearly $80 billion.

Lyondellbasel has filed for bankruptcy, after it was unable to pay its debt obligations, when the demand for the petrochemical products dropped due to the global economic crisis.

RIL had cash reserves of Rs. 18,000 crore, on September 2009. And recently it has raised Rs. 3,188 crores by selling its treasury shares, which raised suspicions that the company was looking for an overseas acquisition.

According to the Rating agency Standard & Poor's (S&P), the acquisition of LyondellBasell Industries will provide limited benefits to RIL. The consolidated financial metrics of RIL may get weaken in the next 1 year if the company proceeds to acquire LyondellBasell.