Could this be the next big thing from India’s richest man? Mukesh Ambani’s Reliance Industries is considering an acquisition of LyondellBasell, the third-largest independent chemical producer in the world, which could be valued at about $6bn.

Until now, Mr Ambani has been content to stay within India, where he developed the country’s biggest oil refining and petrochemicals complex. He also started producing gas at Reliance Industries’ KG Basin field off India’s eastern coast this year. The project is expected to produce at its peak the equivalent of 20 per cent of India’s present oil and gas demand.