Reliance Industries, controlled by Mukesh Ambani, India's wealthiest man, is considering buying assets belonging to LyondellBasell, the bankrupt international petrochemical group, people familiar with the matter said.

The Rotterdam-headquartered group, the world's third-largest independent chemical company, has assets that could be worth as much as $6bn, these people said, and would mark the first large-scale overseas foray by the Indian industrialist.