India's Reliance Industries Ltd. does not have a proposal or approval from the company board to acquire BP Plc's refinery and petrochemicals units in Belgium and France.
Reports seem to indicate that Reliance is close to launching a bid for BP's olefins and derivatives business, Innovene, which was put up for sale by the British oil giant last year. Chicago-based Innovene, with sales of more than US$15 billion in 2004, is the world's fourth-largest petrochemicals firm.
31-Aug-05 
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