**The Indian energy giant Reliance Industries has announced a bid to buy a controlling stake in bankrupt US petrochemicals firm LyondellBasell.**Reports suggest the provisional offer is the region of $12bn (£7.2bn).
If accepted, the deal would make Reliance, owned by billionaire Mukesh Ambani, one of the world’s largest petrochemical companies.
News of the bid sent Indian shares higher, with the main BSE index climbing almost 1%.
Reliance is India’s biggest company and Mr Ambani is the country’s richest man.
Last week, at the company’s annual meeting, the firm announced its intention to launch an “aggressive” oil and gas exploration campaign.
Mr Ambani’s brother, Anil Ambani, runs Reliance Natural Resources. The two are embroiled in a long-running legal battle over the price of gas sold between their companies.