Reliance in race to bid for GE Plastics?

11-Jan-07

Speculations indicate that Reliance Industries (RIL) may be looking to bid for General Electric's plastics business. GE is planning to sell the plastics business valued at an estimated US$10 billion. RIL is determined to be among the leading global companies in the entire petrochemical chain and it is expected to look at both acquisitions and organic growth to achieve that goal. RIL had successfully acquired German specialty polyester manufacturer Trevira for 80 million euro (Rs 430 crore) a few years ago. At the time of acquisition, Trevira was the market leader in Europe in high-value applications of polyester. RIL was was also reported to have been interested in acquiring the refinery and petrochemicals facilities of BP Plc in France and Belgium at US$2 billion last year.