Nov. 21 (Bloomberg) -- LyondellBasell Industries, a petrochemicals and fuels company, said it has received a preliminary non-binding offer from Reliance Industries Ltd. to acquire for cash a controlling interest in the company.

“This offer is in addition to the previous non-binding equity financing proposals received by the company and represents a potential alternative to the initial plan of reorganization previously filed by the company,” LyondellBasell said in a statement.

It said its management will work with all parties “to design an approach that maximizes value for the company’s creditors through the pursuit of a confirmable plan of reorganization and enhances the financial strength of the reorganized company.”

Reliance, India’s most valuable company, said Nov. 9 it is examining “several interesting opportunities” overseas as companies roiled by the world’s worst recession since the Great Depression struggle to maintain cash flow.

Last Updated: November 21, 2009 09:19 EST