News: Reliance eyeing big U.S. acquisitions

(RTR 27/02/2007) Mumbai - India's top private firm, Reliance Industries Ltd., is aiming to acquire a global petrochemical giant or a 300,000 barrels per day U.S. refinery, the Times of India reported on Tuesday, quoting unnamed sources.

It said 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," the newspaper said.

A spokesman for Reliance Industries declined comment.

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