Reliance Industries to bid for General Electric’s plastics business

Reliance Industries to bid for General Electric’s plastics business

India’s Reliance Industries are likely to bid for the General Electric’s plastics business which is currently expected to be soon put on sale.

This deal could be worth as much as USD 10 billion. GE is yet to confirm on the reports that they want to sell off this unit.

Investment banking sources have said in a statement that they have confirmed reports that reliance wants to become a major player in the global petrochemicals sector.

Reliance Industries has officially declined to comment on this report. However, the company’s chief had said recently that they are looking at both organic and inorganic growth to achieve the goal of becoming a major player in the petrochemicals sector.