Home Latest News Reliance acquires Shubhalakshmi Polyesters for Rs 1,592 crore

Reliance acquires Shubhalakshmi Polyesters for Rs 1,592 crore

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Reliance Industries Limited has acquired the polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore.

“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 ₹ 1,522 crore and ₹ 70 crore respectively, aggregating to ₹ 1,592 crore by way of slump sale on a going concern basis,” the company statement highlighted.

Currently, the deal is subject to approval of the Competitiorn Commission of India (CCI) and the respective lenders of SPL and SPTex.

With this acquisition, the company wants to strengthen its textile manufacturing business.