NEW DELHI: Reliance Petroleum Retail (under name change to ‘Reliance Polyester’), a wholly-owned subsidiary of Reliance Industries, on Saturday acquired the polyester business of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex) for Rs 1,522 crore and Rs 70 crore, respectively, in cash.
The acquisitions are subject to approval by the Competition Commission of India (CCI) and the respective lenders of SPL and SPTex.
SPL has a continuous polymerisation capacity of around 2,52,000 MT/annum and manufactures polyester fibre, yarns and textile grade chips through direct polymerisation route as well as extruder spinning with value addition through texturising. It has two manufacturing facilities located in Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli). SPTex has a texturised yarn manufacturing facility in Dahej.
The acquisitions are part of the company’s strategy to expand its downstream polyester business.
Recently, RIL backed out from the race to acquire the petrochemicals unit of JBF Induatries which is undergoing bankruptcy proceedings. RIL did not give any reasons for its exit.
Source: Press Trust of India
