Reliance Industries (RIL), India’s biggest company by market value, has given a $2 billion acquisition proposal to Canadian oil-sand major Value Creation Inc. The move is part of the company’s overall plan to expand globally and also to enter into multi-level oil production, two company executives said.

Two weeks ago, a New York bankruptcy court halted RIL’s move to acquire petrochemical giant LyondellBasell, allowing the existing management to come up with a reorganisation plan.

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A company spokesperson said: “RIL is reviewing a number of global opportunities for growth in its core business. The difficult operating environment of the past year has made available several interesting opportunities, where an investment by a strategic operator of industrial assets can add substantial value.”

“The review is ongoing and there can be no assurance that any approach will be made with respect to the opportunities under review or that any such approach will result in a transaction,” added RIL spokesperson.

RIL had a cash reserve of $3.5 billion at the end of last quarter. It had also raised Rs 9,330 crore since September 17 last year from three tranches of treasury-stock sales.

Alberta-based Value Creation has oil sands resources — a type of bitumen deposit — covering 430 square miles, according to Value Creation group website. The company owns proprietary technologies to upgrade bitumen to refinery-ready light crude at lower costs.

Advanced technology is the key to lower oil sands production costs and lower bitumen upgrading costs. Together with its affiliate, Technoeconomics Inc, Value Creation has developed proprietary technology designed to achieve these goals.

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