The acquisitions are subject to approval of the Competition Commission of India (CCI) and the respective lenders of SPL and SPTex.
Published: 11th September 2022 11:46 AM | Last Updated: 11th September 2022 11:46 AM | A+ A A-
Reliance Industries Limited (File Photo | Reuters)
NEW DELHI: Reliance Industries (RIL), through its wholly-owned subsidiary Reliance Polyester, has acquired polyester business of Shubhalakshmi Polyesters Limited (SPL) and Shubhlaxmi Polytex Limited (SPTex) for Rs 1,592 crore (Rs 1,522 crore for SPL and Rs 70 crore for SPTex), Reliance Industries said in an exchange filing late on Friday.
The acquisitions are subject to approval of the Competition Commission of India (CCI) and the respective lenders of SPL and SPTex.
Mumbai-based SPL has a continuous polymerisation capacity of 2,52,000 MT per 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 situated at Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli).
SPTex has a texturised yarn manufacturing facility at Dahej.
The acquisitions are part of the company’s strategy to expand its downstream polyester business.
The above transactions don’t fall within the related party transactions and none of the company’s promoter, promoter group or group companies have any interest in the above entities.
SPL had a turnover of Rs 1,768.39 crore in 2020-21, while SPTex generated Rs 267.40 crore during the same year.
RIL is one of the largest producers of polyester fibre and yarn in the world, with a capacity of 2.5 million tonnes per annum.
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