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Friday, March 31, 2023

Mukesh Ambani’s empire grows as RIL acquires 2 polyester companies

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Reliance Petroleum Retail Limited signed definitive agreements to acquire Shubhalakshmi Polyesters Limited (SPL) and Shubhalakshmi Polytex Limited’s polyester businesses for cash considerations of Rs 1,522 crore and Rs 70 crore, respectively, totaling Rs 1,592 crore in a slump sale on a going concern basis.

Reliance Polyester Ltd, a subsidiary of Reliance Industries, has completed the acquisition of Shubhalakshmi Polyesters Limited and Shubhalakshmi Polytex Limited’s polyester businesses.

RIL alerted investors of its transaction through a stock market filing.

Last year, Reliance Petroleum Retail paid Rs 1,522 crore and Rs 70 crore in cash for Shubhalakshmi Polyesters (SPL) and Shubhlakshmi Polytex (SPTex), respectively.

The Competition Commission has approved Reliance Polyester Ltd’s purchase of Shubhalakshmi Polyesters Ltd and Shubhalakshmi Polytex Ltd on October 20, 2022.

SPL and SPTex are largely involved in the manufacture and distribution of polyester goods, whilst RPL is primarily involved in the production and distribution of specific petrochemical products and polyester yarns.

Shubhalakshmi Polyesters has two production plants, one in Dahej, Gujarat, and the other in Silvassa, India (Dadra and Nagar Haveli). Moreover, Shubhalakshmi Polytex has a texturised yarn manufacturing factory in Dahej.

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