Reliance Industries Ltd has acquired polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for ₹1,592 crore.
“Reliance Petroleum Retail Ltd (under name change to ‘Reliance Polyester Ltd’), a wholly owned subsidiary of the company, today executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd for cash consideration of Rs 1,522 crore and Rs 70 crore respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis,” the firm said.
SPL produces polyester fibre, yarns and textile-grade chips through direct polymerisation as well as extruder spinning with value addition through texturising. It has a continuous polymerisation capacity of 2,52,000 tonnes per year. The firm has two production facilities, one each in Dahej in Gujarat and Silvassa in Dadra and Nagar Haveli.