Reliance Industries (RIL) has updated its non-binding proposal to acquire bankrupt Dutch petrochemicals company LyondellBasell (LB), media reports said on Saturday. RIL’s new offer has a significantly higher cash component of $5-6 billion from the earlier offer of $2 billion, reports said. This, however, could not be independently confirmed with RIL, as a company spokesperson declined to comment on the development.

RIL?s initial proposal was reportedly about $12 billion that included a cash component of about $2 billion.

The Apollo Group, which have an exposure as lenders to LB of about $10 billion, had on Thursday submitted a new restructuring plan for the troubled company, in which they had said they would be willing to convert $18 billion of secured and bridged loans into equity and an additional $2.8 billion as cash. So, for RIL to have any chance at all of getting a stake in LB, it would have to compete with Apollo’s offer, and therefore, will have to increase its cash offer.

RIL shares had closed at Rs 1,075.20, up 0.87% on the Bombay Stock Exchange on Thursday. Markets were closed for Christmas on Friday.

On December 15, RIL?s efforts to buy a controlling stake in the bankrupt petrochemical maker encountered a roadblock, as the Netherlands-based company submitted a new reorganisation plan to a court in the US.

The reorganisation plan involved paying its $8-billion bankruptcy loan in full, a fresh equity offer for senior secured lenders, and a $2.8-billion rights issue. Private equity funds Apollo, Ares Management and Access Investment are already ?sponsors? to the proposed rights offering, according to the reorganisation plan. The company said RIL could buy the unsubscribed portion of the rights offer, if any.

The new plan of Lyondell to emerge from bankruptcy through a rights issue and payment of its huge debt did not ?preclude? RIL from proceeding with its plans, Lyondell officials had said. But the court may not consider two plans simultaneously, officials added.

Previously, LB has struck an agreement with these unsecured lenders. Sources say these unsecured lenders feel that perhaps they could expect a better deal from RIL.

The hearing on the reorganisation plan will take place on February 10, hence it is a wait and watch situation, for RIL.