Reliance Industries, in a stock exchange filing on March 9, announced that its subsidiary Reliance Polyester had completed the acquisition of Shubhalakshmi Polyesters & Shubhlaxmi Polytex's polyester business on March 8.
"This is further to the disclosure dated September 9, 2022 made by the Company. 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 polyester business of Shubhalakshmi Polyesters Limited and Shubhlaxmi Polytex Limited," Reliance Industries statement read.
In September, 2022, Reliance Polyester (earlier called Reliance Petroleum Retail) signed definitive agreements to buy Shubhalakshmi Polyesters and Shubhlaxmi Polytex's polyester businesses for Rs 1,522 crore and Rs 70 crore, respectively, in a slump sale. In October, the Competition Commission of India (CCI) approved Reliance Polyester's acquisition of Shubhalakshmi Polyesters and Shubhlaxmi Polytex's business undertakings.
The acquisitions, according to Reliance, are part of the company's strategy to expand its downstream polyester business.
Reliance previously stated that Shubhalakshmi Polyesters' polymerisation capacity was 2,52,000 mt per year.
Shubhalakshmi Polyesters and Shubhlaxmi Polytex specialise in the manufacture and distribution of polyester products. Shubhalakshmi Polyesters produced polyester fibre, yarns, and textile-grade chips via direct polymerisation as well as extruder spinning with value addition via texturising. Shubhalakshmi Polyesters has two manufacturing facilities, one in Dahej (Gujarat) and one in Silvassa (India) (Dadra and Nagar Haveli). And, Shubhlaxmi Polytex has a texturised yarn manufacturing facility at Dahej.
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