Reliance Industries buys Shubhalakshmi Polyesters for Rs 1,592 crore

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New Delhi: Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTexpolyester) were acquired by Reliance Petroleum Retail, a wholly-owned subsidiary of Reliance Industries, on Saturday for Rs 1,522 crore and Rs 70 crore in cash, respectively.

The Competition Commission of India (CCI) and the respective creditors of SPL and SPTex must approve the purchases.

SPL produces polyester fibers, yarn and textile grade chips by direct polymerization and extruder spinning with added value through texturing. Its continuous polymerization capacity is approximately 2,52,000 MT/year. It has two manufacturing plants, one each at Silvassa and Dahej (Gujarat) (Dadra and Nagar Haveli). SPTex has a textured yarn manufacturing plant in Dahej.

The company’s purchases are part of its plan to grow its polyester downstream sector.

RIL recently pulled out of the race to buy the petrochemicals arm of JBF Industries, which is undergoing bankruptcy proceedings. RIL did not provide an explanation for his departure.



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