India’s petro-chemical giant Reliance Industries (RIL) is actively scouting to acquire more than one overseas company, sources close to the company tell CNBC-TV18. The Mukesh Ambani-promoted RIL is learnt to be readying a war chest over USD 25 billion for overseas buys.

Sources say that bankrupt Holland chemical company LyondellBasell is one of the company’s radar. LyondellBasell's US and Europe assets may be valued at USD 10-12 billion.

Investment banks have approached RIL with other global proposals and these proposals may include US’s energy giant ConocoPhilips’ refining assets, Volero, and assets of British Petroleum in Gulf of Mexico, say sources.

RIL may also look at selling some of its treasury stocks when it arrives closer to buying any of the foreign assets, sources says, though any such acquisition timeline would at least be four-five months away.

RIL has nearly USD 5 billion in cash while its gross debt stands at Rs 70,000 crore as of March 2009.

RIL, however, would be careful in valuations and would not be in a rush to buy, sources say, though the company feels now is the right time to acquire assets as valuations are good.