Reliance Polyester Limited, a subsidiary of Reliance Industries, has completed the acquisition of polyester business of Shubhalakshmi Polyesters Limited and Shubhalakshmi Polytex Limited.
RIL informed investors about this acquisition through a stock exchange filing.
The Mukesh Ambani-backed company wrote, “We would like to inform you that Reliance Polyester Limited (formerly known as Reliance Petroleum Retail Limited), a wholly owned subsidiary of the company, after obtaining necessary approvals on March 8, 2023 Co, completed the acquisition of polyester business of Shubhalakshmi Polyesters Ltd. and Shubhalakshmi Polytex Ltd.
Last year, Reliance Petroleum Retail acquired the polyester business of Shubhalakshmi Polyesters (SPL) and Shubhalakshmi Polytex (SPTX). 1,522 crore and 70 crores, respectively, in cash.
Fair trade regulator Competition Commission of India has approved the acquisition of business ventures of Shubhalakshmi Polyesters Ltd and Shubhalakshmi Polytex Ltd by Reliance Polyester Ltd by 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 yarn.
Shubhalakshmi Polyesters has two manufacturing facilities – at Dahej (Gujarat) and Silvassa (India) (Dadra and Nagar Haveli). And, Shubhalakshmi Polytex has a texturized yarn manufacturing facility at Dahej.
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