Reliance Acquires Shubhalakshmi Polyesters For Rs 1,592 Crore
NDTV
Shubhalakshmi Polyesters Ltd produces polyester fibre, yarns and textile-grade chips through direct polymerisation as well as extruder spinning with value addition through texturising.
Billionaire Mukesh Ambani's Reliance Industries Ltd has acquired polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore, the company said in a stock exchange filing.
"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.
The deal is subject to approval of the Competitiorn Commission of India (CCI) and the respective lenders of SPL and SPTex.
The acquisition will strengthen the textile manufacturing business of Reliance.
