The Reliance Industries under the management of Mukesh Ambani has lodged a bid of more than $12 billion to acquire the petrochemical group LyondellBasell Industries, an international petrochemical group. “This offer (from Reliance) is in addition to the previous non-binding equity financing proposals received by the company and represents a potential alternative to the initial plan of reorganisation previously filed by the company,”read the statement from LyondellBasell. The sources said that it was the biggest bid lodged by an Indian firm over an overseas company.