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Reliance eyeing $300 M acquisition in Pakistan
By agencies
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Tuesday, 10 May 2005, 19:30 IST
NEW DELHI:One of IndiaÂ’s biggest business groups, the Reliance group is eyeing the acquisition of plastics business of a well-known company in Pakistan for about $300 million, industry sources said today.
Market leaders in polyester business in India, Reliance is said to be keen on acquiring the plastics business of ICI Pakistan Ltd which also manufactures soda ash, paints, chemicals and life science products When contacted, Reliance officials in Mumbai declined to comment on the issue.
According to available information the Pakistan arm of ICI is a profit making entity having netted $47.8 million during 2004.
Reliance had acquired ICI polyester fiber business in early 1990s, sources said. The U.K. based multinational was instrumental in producing polyester fiber for the first time in India by setting up a plant at Thane in Maharashtra.
In Pakistan, ICI is among the largest quoted company at Karachi, Lahore and Islamabad stock exchanges with a paid up share capital of $23.38 million.
With a turnover of over $357 million, the company had reported capital reserves of $7.83 million during 2004, according to company's annual report.