Reliance Industries eyeing big U.S. acquisitions

By Sriparna   |   Tuesday, 27 February 2007, 06:00 Hrs
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MUMBAI: Reliance Industries Ltd. is aiming to acquire a global petrochemical U.S. refinery, say sources.

A national daily reported that Reliance Chairman Mukesh Ambani was in a position to raise up to $6 billion and team up with private equity funds to buy foreign companies and named Dow Chemicals Co. as a possible target.

Wall Street is abuzz that a clutch of private equity funds such as Carlyle, Blackstone, KKR and Texas Pacific may be teaming up to create a giant $60 billion petrochemical fund with Dow as the main target in the crosshairs reported the newspaper. However, Reliance spokesperson refused to comment.

Reliance, which operates India's biggest refinery and dominates the local petrochemical market, has announced plans to build a new $3-billion petrochemical plant.

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