![]() Lyondell deal will up RIL's refining margins: ExpertsPublished on Mon, Nov 23, 2009 at 12:10 | Source : Moneycontrol.com Updated at Mon, Nov 23, 2009 at 12:18
The Indian conglomerate controlled by Mukesh Ambani , "We have to finalise a few points but Reliance is preparing to put USD 10 billion on the table," a person close to the group told the Financial Times. Another one person familiar with the deal said: "USD 10 billion is about right, give or take USD 1 billion". Experts react Experts attached with local and international brokerages view the development as positive. "Over the last couple of years, RIL's petrochemical business was a cause of worry. This particular move should assuage investor concerns on that business," said Portfolio Manager PN Vijay. Vijay said there were some concerns when RIL promoters sold treasury stock and now the management was keeping its word when it had promised some global acquisitions. "The RIL stock too has been doing well in the last two weeks compared to the battering it received since June. It is still not on our buy list yet because of the huge overhang of the Supreme Court case [relating to gas] but this is surely a positive development." 'How you read the deal is a function of the price RIL pays," said Adrian Mowat of JPMorgan. "We suspect they will be pretty cautious in the price that they are willing to pay." Mowat added that RIL's refining margins, which were currently under pressure, would improve if the Lyondell acquisition went through. - With inputs from agencies
Entities: Mukesh Ambani
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