RIL looks at $2.0b acquisition in Canada
Sunday, 7 February 2010
NEW DELHI, Feb 6 (Business Standard): Reliance Industries (RIL), India's biggest company by market value, has given a two-billion-dollar acquisition proposal to Canadian oil-sand major Value Creation Inc.
The move is part of the company's overall plan to expand globally and also to enter into multi-level oil production, two company executives said.
Two weeks ago, a New York bankruptcy court halted RIL's move to acquire petrochemical giant LyondellBasell, allowing the existing management to come up with a reorganisation plan.
"RIL has submitted an expression of interest for acquiring the Canadian firm, which holds oil sands assets.
The move is part of the company's overall plan to expand globally and also to enter into multi-level oil production, two company executives said.
Two weeks ago, a New York bankruptcy court halted RIL's move to acquire petrochemical giant LyondellBasell, allowing the existing management to come up with a reorganisation plan.
"RIL has submitted an expression of interest for acquiring the Canadian firm, which holds oil sands assets.