Going by Saturday media reports, the cash component of Reliance Industries’ (RIL) $12 billion non-binding proposal for the acquisition of the bankrupt Dutch petrochemicals company LyondellBasell (LB) has been upped from $2 billion to $5-6 billion.

Though there has been no official confirmation about the updated RIL offer, it is being believed that the reported increase in the cash component comes as a move to counter an Apollo Group offer for LB; and improve RIL’s chances of holding a stake in the Netherlands-based company.

As per reports, the Apollo Group, which has an exposure as lenders to LB of nearly $10 billion, has put forth a new reorganization plan, whereby it has proposed that it would willingly convert $18 billion of secured and bridged loans into equity, as well as add $2.8 billion as cash to backstop LB’s rights offer.

According to the information forwarded by LB officials, though the new re-organization plan of the company to help it emerge from bankruptcy has been submitted in a US court, it would not “preclude” RIL from proceeding with its plans. However, the sources clarified that the court would not consider both the Apollo and RIL proposals simultaneously

The court hearing, which has been scheduled for February 10, will mark the future course for LB, as well as give the ultimate decision on the RIL and Apollo proposals.