Reliance ups offer for LyondellBasell

NEW YORK: Reliance Industries Ltd, owner of the world's largest oil-refining complex, raised its offer for bankrupt LyondellBasell Industries AF to about $14.5 billion, according to two people with knowledge of the offer.

The revised bid allows Lyondell creditors to opt for cash or equity, said the people who declined to be identified because the talks are private.

Reliance, the Mumbai-based refiner and energy explorer controlled by billionaire Mukesh Ambani, offered an undisclosed amount on Nov 21 to buy a controlling stake.