Reliance Industries subsidiary Reliance Polyester Limited has completed the acquisition of the polyester business of Shubhalakshmi Polyesters Limited and Shubhlaxmi Polytex Limited.
RIL informed the investors about this acquisition via stock exchange filing.
The Mukesh Ambani-backed company wrote, “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”.
Last year, Reliance Petroleum Retail acquired the polyester business of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex) for ₹1,522 crore and ₹70 crore, respectively, in cash.
Fair trade regulator Competition Commission cleared the acquisition of business undertakings of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd by Reliance Polyester Ltd on 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 yarns.
Shubhalakshmi Polyesters has two manufacturing facilities–in Dahej (Gujarat) and Silvassa (India) (Dadra and Nagar Haveli). And, Shubhlaxmi Polytex has a texturised yarn manufacturing facility at Dahej.