Reliance Industries has submitted a bid to acquire US petrochemical giant LyondellBasell that has a market valuation of $55 billion.

"RIL confirms that it has submitted to LyondellBasell a preliminary non-binding offer to acquire for cash a controlling interest in LyondellBasell upon its emergence from chapter 11 reorganisation," RIL said in a statement.

If successful, this will be the biggest acquisition by any Indian company overseas.
LyondellBasell is the world's third largest petrochemical company, with a market capitalization of $55 billion.

It had filed for Chapter 11 protection in January 2009 after it was impacted by high leverage adverse market conditions and liquidity issues.

"The offer is preliminary and subject to customary conditions, including conduct of due-diligence, documentation and receipt of creditors support," RIL added.

LyondellBasell has confirmed having received a non-binding offer from RIL but did not disclose the bid price.