On Tuesday, LyondellBasell’s board rejected a $14.5 billion bid from Reliance Industries Limited for a controlling stake in the company. LyondellBasell had earlier rejected a $13.5 billion bid from RIL in January. RIL has pursued bankrupt petrochemicals company LyondellBasell as part of its efforts to make overseas acquisitions.
The finance ministry wants to make sure regulations don’t get in the way of infrastructure lending company IIFCL. It now plans to suspend its earlier decision to get IIFCL to follow the RBI rules on capital adequacy and exposure. The move is part of an effort to help IIFCL meet its new target of lending Rs20,000 crore by March 2011. The company will lend just about Rs9,000 crore in 2009-10. IIFCL was set up by the government in 2006 to help boost investment in infrastructure. And its new lending target of Rs20,000 crore was set by finance minister Pranab Mukherjee during his budget speech on Friday.
India’s exports have risen for a third straight month. Government figures show exports went up 11.5% in January to $14.3 billion. Imports also rose, going up 35.5% to $24.7 billion. That means India’s trade deficit for January stood at $10.4 billion compared to $5.4 billion in the same period last year.