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MUMBAI (ICIS)–India’s conglomerate and petrochemical major Reliance Industries Ltd (RIL) is expanding its polyester business by acquiring two companies for a total consideration of rupees (Rs) 15.92bn ($200m).
Its wholly owned subsidiary Reliance Petroleum Retail Ltd will acquire polyester chips and yarn manufacturers Shubhalakshmi Polyesters (SPL) for Rs15.2bn and Shubhlaxmi Polytex (SPTex) for Rs700m, RIL said in a bourse filing on 9 September.
SPL has a continuous polymerisation total capacity of 252,000 tonnes/year and produces polyester fibre, yarns and textile grade chips at its two sites – at Dahej in western Gujarat and at Silvassa in the union territory of Dadra and Nagar Haveli.
SPTex, on the other hand, has a “texturised yarn manufacturing facility at Dahej” but capacity details were not disclosed.
The acquisitions are part of the company’s strategy to expand its downstream polyester business, RIL added.
RIL currently has a total polyester fibre and yarn production capacity of 2.5m tonnes/year, making it the largest in the world, according to its website.
“The acquisitions are subject to approval of the Competition Commission of India (CCI) and the respective lenders of SPL and SPTex,” Reliance stated.
Meanwhile, Reliance Petroleum Retail Ltd is currently in the process of changing its name to Reliance Polyester Ltd.
RIL plans to invest Rs750bn in its oil-to-chemicals business over the next five years, which will include expansion in the company’s polyester chain, its chairman Mukesh Ambani announced in late August.
Under the plan, the company intends to build a 3m tonnes/year purified terephthalic acid (PTA) line, as well as a 1m tonne/year polyethylene terephthalate (PET) unit at its Dahej site.
In a separate bourse filing on 9 September, RIL said it would shut one crude distillation unit (CDU) and fluidized catalytic cracker (FCC) at its Jamnagar refinery for maintenance.
The CDU will be taken off line on 18 September for around four weeks, while the FCC’s shutdown will last nearly five weeks from 10 September.
“The other CDU and secondary processing units are expected to operate normally during this period,” it said.
Focus article by Priya Jestin
Thumbnail image: At a textile shop in Thiruvananthapuram, Kerala, India on 10 May 2022. (Source: Creative Touch Imaging Ltd/NurPhoto/Shutterstock)
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