US-based petrochemicals major LyondellBasell, which was once a takeover target for Reliance Industries and has come out of bankruptcy, on Monday announced <g data-gr-id="17">acquisition</g> of Aurangabad-based SJS Plastiblends.
The Luxembourg-based LyondellBasell, which is into plastics, chemical and refining, did not disclose the value of the deal that is expected to close later this year. "We have entered into a definitive agreement for takeover of SJS Plastiblends," LyondellBasell chairman and chief executive Bhavesh V Patel said in statement issued from Houston. He further said "this acquisition will expand our global polypropylene compounds (PPC) manufacturing footprint and allow us to better compete in the long-term growth of the domestic automotive market which globally is the fourth largest market now, with 3 million of annual production."
From late 2009 to early 2010, the Mukesh Ambani-led Reliance was reportedly in discussions with the debt-laden Houston-based company for a takeover. It was even reported that Reliance had raised $763 million through a block deal early January 2010 for the same to take over LyondellBasell.RIL sweetened the deal from $12 billion to $13.5 billion but was spurned. Lyondell had filed for bankruptcy protection in January 2009 as demand dropped for petrochemical products during the global economic downturn.