Reliance Polyester Limited had signed definitive agreements in September 2022, to buy Shubhalakshmi Polyester for Rs 1,522 crore and Shubhalakshmi Polytex for Rs 70 crore in cash.
Mukesh Ambani did his Polyester Empire While increasing I have bought two companies. according to information Reliance Industries Key Reliance Polyester Limited (Reliance Polyester Limited) Ltd. has completed the acquisition of polyester business of Shubhalakshmi Polyesters Ltd. and Shubhalakshmi Polytex Ltd. In September 2022, Reliance Polyester had signed definitive agreements to buy Shubhalakshmi Polyester for Rs 1,522 crore and Shubhalakshmi Polytex for Rs 70 crore in cash. Competition Commission of India (CCI) had approved the acquisition in October.
Reliance gave this information
Reliance Industries informed investors about the acquisition through an exchange filing. Reliance Industries said that 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 all necessary approvals, on March 8, 2023 The acquisition of the polyester business of Shubhalakshmi Polyesters Ltd. and Shubhalakshmi Polytex Ltd. has been completed.
Manufacturing unit in which parts of the country
Shubhalakshmi Polyesters has two manufacturing units at Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli) and Shubhalakshmi Polytex has a texturized yarn manufacturing unit at Dahej. The firm is expert in manufacturing and distribution of polyester products. The acquisition is part of Reliance’s strategy to expand its polyester business. Reliance Polyester was earlier known as Reliance Petroleum Retail Limited.
Have already invested in textile industries
However, this is not the first purchase by RIL in the textile industry. The group, in 2019, bought the bankrupt Alok Industries for Rs 5,000 crore. Alok Industries then had one factory each in Silvassa, Vapi, Navi Mumbai and Bhiwandi, with a capacity to produce 68,000 tonnes of cotton yarn and 1.7 lakh tonnes of polyester annually. In April 2022, RIL bought the bankrupt Syntex Industries for Rs 3,651 crore. Syntex was a clothing supplier to global brands such as Hugo Boss, Armani, Burberry and Diesel. According to Trackxn, Reliance Industries has made 35 acquisitions and 29 investments and has invested in various sectors such as energy storage tech, drones, test preparation tech.
Source: www.tv9hindi.com
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