Reliance Acquires Shubhalakshmi Polyesters For Rs 1,592 Crore

The acquisition will strengthen the textile manufacturing enterprise of Reliance.

New Delhi:

Billionaire Mukesh Ambani’s Reliance Industries Ltd has acquired polyester chips and yarn producer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore, the corporate stated in a inventory trade submitting.

“Reliance Petroleum Retail Ltd (under name change to ‘Reliance Polyester Ltd’), a wholly owned subsidiary of the company, today executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd for cash consideration of Rs 1,522 crore and Rs 70 crore respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis,” the agency stated.

The deal is topic to approval of the Competitiorn Commission of India (CCI) and the respective lenders of SPL and SPTex.

The acquisition will strengthen the textile manufacturing enterprise of Reliance.

SPL produces polyester fibre, yarns and textile-grade chips via direct polymerisation in addition to extruder spinning with worth addition via texturising. It has a steady polymerisation capability of two,52,000 tonnes per yr. The agency has two manufacturing amenities, one every in Dahej in Gujarat and Silvassa in Dadra and Nagar Haveli. At Dahej, SPTex operates a plant for the manufacturing of texturised yarn.

“The acquisitions are part of the company’s strategy to expand its downstream polyester business,” Reliance stated.

SPL registered turnovers of Rs 2,702.50 crore, Rs 2,249.08 crore and Rs 1,768.39 crore in monetary years 2019, 2020 and 2021, respectively. SPTex had turnovers of Rs 337.02 crore, Rs 338.00 crore and Rs 267.40 crore, respectively. 

(This story has not been edited by NDTV workers and is auto-generated from a syndicated feed.)

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