RIL bids for BP's Belgium refinery

Mumbai: Reliance Industries is said to have put in a $2 billion bid for the refinery and petrochemicals facility owned by BP Plc in Belgium. Reliance has been in talks with BP for the Belgium unit for over a year.

There was, however, no official confirmation on this from Reliance.

This deal will mark the first major acquisition by Reliance Industries, which generates surplus cash of over Rs17,000 crore a year, in the exploration sector. Reliance's net worth stands at Rs54,000 crore.

The Reliance board will meet tomorrow to consider raising $2 billion (nearly Rs9,000 crore) to fund investments in oil and gas exploration and production business. The instrument for the fund raising could be foreign currency convertible bonds.