MUMBAI (Reuters) - India’s Reliance Industries Ltd.
Reliance, India’s top petrochemicals maker and private refiner, was responding to stock exchange queries about a report in India’s Business Line newspaper on Monday, which said the company could close such a deal any time.
"As at present, there are no proposals before the board of directors of the nature stated in the (Business Line) newspaper report," it said.
At least three newspapers have reported since Sunday that Reliance is interested in making a bid for what appears to be BP’s petrochemicals businesses.
Advertisement starts
Advertisement ends
The Times of India said in an unsourced report on Sunday that Reliance was close to launching a bid for a $15-billion-revenue (8.4 billion pounds) North American subsidiary of one of the world’s biggest multinational giants with a name synonymous with petroleum, without naming the target.
The newspaper said the bid could exceed 200 billion rupees, which would be the biggest Indian acquisition if completed.
The Economic Times said on Monday Reliance was preparing to bid for BP’s olefins and derivatives business, Innovene, which was put up for sale by the British oil giant last year.
Chicago-based Innovene, with sales of more than $15 billion last year, is the world’s fourth-largest petrochemicals firm. It is expected to float a minority share towards the end of the year.
BP and Innovene officials were not reachable for comment on the Indian newspaper reports.
Reliance’s shares were up 0.4 percent at 702.75 rupees in morning trade in Mumbai, after rising 0.2 percent on Monday.
