It’s going to be a year of mega takeovers. And adding to the billion dollar kitty is Mukesh Ambani’s Reliance Industries, which is eyeing global conglomerate GE’s plastics unit. Its value is estimated at around $10 billion.RIL is considering a takeover of GE Plastics, which is expected to be soon put on the block and has generated interest among various private equity buyout firms, sources close to the development said. When contacted, an RIL spokesperson declined to comment. But industry sources said: “It makes business sense as GE Plastics could give the Indian conglomerate a global marketing network.”If it happens, this will be the third mega takeover bid by an Indian business group in the last six months. The Tatas are already in the midst of a $9 billion plus takeover battle for Corus group of the UK. Ranbaxy is eyeing the generics business of Merck for around $5 billion. And the takeover race for Hutch has also gathered momentum. GE is still to announce whether it is planning to sell its plastics business unit, but reports in the Wall Street Journal and The New York Times said the company is planning to sell the business, whose value is estimated to be close to $10 billion. A spokesperson for GE Plastics was not immediately available for comment.
