Reliance Industries is reported to have submitted a revised bid for LyondellBasell, valuing the ailing Dutch petrochemical giant at around $14.5 million, up from its earlier offer of $13.5 billion.(See: Reliance hikes offer for LyondellBasell to $13.5 billion)

A news report by television news channel CNBC-TV18, quoting RIL sources, said the company submitted the bid before the 19 February deadline expired.

Reliance Industries, India's largest private refiner, had, in December, offered to acquire LyondellBasell for $13.5 billion. RIL had sought a strategic stake and majority voting rights in the company.

RIL was forced to increase its offer after LyondellBasell settled a dispute with creditors, earlier this week, paving the way for an exit from bankruptcy. (See: LyondellBasell says agreement with creditors clears way for bankruptcy exit)

The new offer, which is around $1 billion higher than the earlier offer, will have cash and stock options for shareholders and creditors.

On Tuesday, unsecured creditors of LyondellBasell agreed to settle a dispute over their claims after the company offered an additional $150 million and take the total cash payout to $450 million.

Unsecured creditors, including bond holders, who part-funded Basell's leveraged buyout of the US-based Lyondell in 2007 are estimated to hold around $3 billion of debt in the company.

Lyondell's management has offered to convert $18 billion debt - both secured and unsecured - into equity under the reorganisation plan. The promoters will also subscribe to a $3-billion rights issue of the company.

The reorganisation, which will end LyondallBasell's Chapter 11 process, is also expected to increase the company's valuation to around $21 billion, according to analysts.

It is still uncertain whether Reliance will sufficiently hike its offer to match the new valuation of LyondallBasell.