Reliance Acquires Shubhalakshmi Polyesters For Rs 1,592 Crore

Shares of the corporate opened at Rs 2573.70, then gained 0.98 per cent.


Shares of Reliance Industries gained practically 1 per cent in morning commerce on Monday after the corporate introduced the acquisition of polyester chips and yarn producer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore.

On September 10, Reliance Industries stated the acquisition is a part of the technique to broaden its downstream polyester enterprise.

Shares of the corporate opened at Rs 2573.70, then gained 0.98 per cent to the touch Rs 2593.80 apiece on the BSE.

Similar motion was seen on the NSE the place the corporate’s shares opened at Rs 2,570.55, then touched Rs 2,591.60, greater by 0.87 per cent over its final shut.

“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 had stated.

The acquisition will strengthen the textile manufacturing enterprise of Reliance Industries. 

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