March 1 (Bloomberg) — The board of bankrupt LyondellBasell Industries AF rejected a bid from Reliance Industries Ltd., owner of the world’s largest oil-refining complex, two people briefed on the matter said today.

Reliance, based in Mumbai, had raised its offer for a controlling stake in Lyondell to $14.5 billion, two people with knowledge of the offer said Feb. 22. Lyondell is based in Rotterdam.

Buying LyondellBasell would create a company with more than $80 billion in revenue and give Reliance chemical plants and two oil refineries in the U.S. and Europe. The chemicals maker had rejected a revised Reliance bid that valued it at $13.5 billion, the Wall Street Journal reported Jan. 8.

Lyondell was formed in a 2007 deal financed with $22 billion in debt in which it was bought by Basell AF, a unit of Len Blavatnik’s Access Industries Holdings LLC. Creditors have said the buyout crippled one of the world’s largest polymers, petrochemicals, and fuel companies, causing it to seek bankruptcy.

Lyondell spokesman David Harpole declined to comment.