Reliance Industries Ltd (RIL), India's largest private sector company is among the four bidders shortlisted for the British chemical major ICI's Pakistani business. In this venture RIL is being advised by the Stanchart's investment banking arm while the Citigroup is advising ICI. The size of this deal could be about $300 million.
Reliance is listed on the Islamabad, Lahore and Karachi stock exchanges and has a turnover of Rs1554 crore. It has snapped up many small sized polyester staple fibre (PSF) units in India over the past decade, including ICI India's PSF business and ranks among the top ten in all its major petrochemical product categories. It produces polymers, polyester, chemicals and fibre intermediates.
ICI Pakistan on the other hand has businesses in polyester, soda ash, chemicals, life sciences and paints. It also owns a separate company called PTA Pakistan that is located near Karachi.
However to succeed, Reliance, the only private sector company to figure in the Fortune 500 list, will have to obtain permission from both the Indian and the Pakistani governments.
12-May-05 
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