Mumbai : US-based petrochemicals major LyondellBasell, which was once a takeover target for Reliance Industries and has come out of bankruptcy, announced acquisition 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.
LyondellBasell chairman and CEO Bhavesh V Patel 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, Reliance was reportedly in discussions with the debt-laden Houston-based company for a takeover.
It was even reported that Reliance had raised USD 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.
SJS Plastiblends was set up in 1996 and makes products that improve performance and aesthetics of plastics in automotives.