UPDATE 2-LyondellBasell says receives offer from Reliance

(Adds background, spokesman quote, attempt to reach Reliance)

By Julie Ingwersen

CHICAGO, Nov 21 (Reuters) - Indian energy giant Reliance Industries (RELI.BO: Quote, Profile, Research) has made a non-binding cash offer to buy a controlling interest in bankrupt chemical company LyondellBasell Industries [ACCEIN.UL], according to a statement from LyondellBasell on Saturday.

The petrochemicals firm said in the statement that the offer represented a potential alternative to its previously filed reorganization plan to emerge from Chapter 11 bankruptcy.

LyondellBasell would not disclose how much the offer was for. But India's Economic Times reported earlier this month that Reliance was close to a nearly $6 billion overseas acquisition, and that the likely target was assets of LyondellBasell. [ID:nBOM433676]

Reliance, India's largest conglomerate, has been looking to expand, taking advantage of low valuations to delve into international market.

The company is aiming to attain global scale for its conventional energy platform -- petrochemicals, refining and oil and gas exploration -- and invest in its new businesses such as retailing and alternative energy, chairman Mukesh Ambani said this week at the company's annual meeting of shareholders. [ID:nBOM357621] Reliance Industries was not immediately available for comment.

In September, Reliance raised about $660 million in a share sale that analysts said was likely to help the firm make acquisitions. [ID:nHKG478528]

Luxembourg-based LyondellBasell filed for bankruptcy protection in January, unable to meet its debt obligations after demand dropped for petrochemicals products during the global economic downturn.