Reliance Polyester Limited an arm of Reliance Industries Limited (RIL) has completed the acquisition of two polyester firms namely Shubhalakshmi Polyesters Limited (SPL) and Shubhlaxmi Polytex Limited (SPTex). This comes after, Reliance Petroleum Limited announced that it will acquire Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex) for ₹1,522 crore and ₹70 crore, last year, respectively.
Billionaire Mukesh Ambani led RIL issued a statement in the stock exchange saying,”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.”
Reliance said that acquisitions are part of the company’s plan to grow its downstream polyester business.
Last year in October 2022, Competition Commission of India (CCI) approved the acquisition of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd by Reliance Polyester Ltd. CCI keeps an eye on unethical commercial activities in the marketplace also transactions that exceed a predetermined threshold that requires approval of the regulator.
The manufacturing facilities of Shubhalakshmi Polyesters are located in Silvassa and Dahej and produces polyester fibre, yarns and textile grade chips through direct polymerisation route including extruder spinning with value addition through texturising. Moreover, Shubhlaxmi Polytex manufactures texturized yarn in Dahej with a total annual polymerisation capacity of the units is 2. 52 lakh metric tonnes.
