Reliance Industries is looking at acquiring the assets of bankrupt Dutch petrochemicals company LyondellBasell, either in part or whole, CNBC-TV18 network reported, citing sources.

CNBC-TV18 quoted sources as saying that Reliance could make a cash payment of $3.25 billion to Lyondell's vendors for the deal.

The company is in the process of putting together a rights offering to provide the company with additional liquidity after it emerges from Chapter 11 bankruptcy, Lyondell spokesman David Harpole told CNBC-TV 18. But he refused to speculate on it saying: "Whether that's what someone is speculating on or not, I don't know."

Lyondell, which filed for bankruptcy in January, filed its Chapter 11 reorganisation plans with bankruptcy court in New York on Friday.

The reorganisation plan aims at positioning the company and its 94 bankrupt affiliates to exit bankruptcy protection with significantly less debt.

Early this week, LyondellBasell announced that it would close the low-density polyethylene (LDPE) plant located at its Carrington, UK site by the end of this year.

"Taking into account the current market environment and our future projections, we've concluded that the plant is no longer economically viable," said Tassilo Bader, LyondellBasell senior vice president, olefins and polyethylene, Europe and international.  "We are able to meet projected customer demand for LDPE with product supplies from our other LDPE facilities," he added.

LyondellBasell will focus its LDPE production activities in Europe at Wesseling, Germany and at the company's world-scale plant located in Berre, France, Bader said. 

With a nameplate capacity of 185 KT per year, the Carrington plant is one of the company's smallest LDPE manufacturing sites. LyondellBasell said it has begun consultations with trade union and employee representatives to determine the appropriate path forward for approximately 50 employees who will be affected by the closure of the LDPE facility.

The 210 KT per year polypropylene plant located at the Carrington site is not affected by this business decision.

LyondellBasell, was created out of a 2007 leveraged buyout led by New York-based investor Len Blavatnik's Access Industries.