The Daily Telegraph has reported that a group of some of the world's richest families is plotting a bid for British Land.

"The group, which is thought to include Lakshmi Mittal - the Indian steel magnate who ranks as Britain's richest man - and the Abu Dhabi ruling family as approached bankers from Credit Suisse to prepare a possible bid that could be worth as much as 10 billion pounds, including debt," the publication said in a report published online.

Attributing to insiders, the daily noted that investors from Abu Dhabi and a group of Indian families had initially been interested in buying Broadgate Circle, British Land's flagship development in the city.

"But in recent days the consortium has spoken with bankers about the possibility of bidding for the whole company," it added.

The report noted the Indian faction is thought to include at least two other Indian families as well as Mittal. Credit Suisse is considering providing the financing for any bid.

"...he plans were at an early stage and that the consortium has not approached British Land and may decide not to do so. It could also look at other targets," the daily said quoting sources close to the situation.