Reliance Industries successfully acquire two polyester business
Reliance Companies subsidiary Reliance Polyester Ltd. has completed the purchase of the polyester business of Shubhalakshmi Polyesters Limited and Shubhlaxmi Polytex Limited.
RIL informed the investors about this acquisition via stock exchange filing.
The Mukesh Ambani-backed company wrote, "We wish to inform you that Reliance Polyester Limited (formerly known as Reliance Petroleum Retail Limited), a wholly-owned subsidiary of the Company, has on March 8, 2023, after receipt of the necessary approvals, completed the acquisition of the polyester business of Shubhalakshmi Polyesters Limited and Shubhlaxmi Polytex Limited".
Last year, Reliance Petroleum Retail acquired the polyester business of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex) for Rs 1,522 crores and Rs 70 crores, respectively, in cash.
Fair trade regulator Competition Commission cleared the acquisition of business undertakings of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd by Reliance Polyester Ltd on October 2022.
SPL and SPTex are primarily engaged in the production and supply of polyester products while RPL is engaged in the production and supply of certain petrochemical products and polyester yarns.
Read More News :
Tata Steel to produce 22 Vande Bharat trains in next one year
Unlock Profits: Select the Best Prop Firm with Traders Union experts