Reliance Industries buys polyester maker Shubhlaxmi Polytex for Rs 1,592 cr

Reliance Industries buys polyester maker Shubhlaxmi Polytex for Rs 1,592 cr

Through direct polymerisation, extruder spinning, and texturising, Shubhlaxmi Polytex creates polyester fibre, yarns, and textile-grade chips. 2,52,000 tonne may be continuously polymerised there each year.

Mukesh Ambani’s Reliance Industries Ltd (RIL) has acquired Shubhalakshmi Polyesters, a producer of polyester chips and yarn, for Rs 1,592 crore.

A wholly owned subsidiary of the company, Reliance Petroleum Retail (now known as “Reliance Polyester”), signed official documents to purchase the polyester businesses of Shubhalakshmi Polyesters and Shubhlaxmi Polytex for cash consideration of Rs 1,522 crore and Rs 70 crore, respectively, totalling Rs 1,592 crore through a slump sale on a going concern basis.

The Competition Commission of India (CCI) and the respective lenders for SPL and SPTex must both approve the transaction.

The acquisition will bolster Reliance’s textile manufacturing operations.

Through direct polymerisation, extruder spinning, and texturising, Shubhlaxmi Polytex creates polyester fibre, yarns, and textile-grade chips. 2,52,000 tonne may be continuously polymerised there each year. The company has two production sites, one each in Silvassa and Dahej, both in Gujarat. SPTex runs a facility in Dahej that makes texturised yarn.

News source: Hindustan Times

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