Reliance Petroleum Retail to acquire Shubhalakshmi Polyesters and Shubhlaxmi Polytex

14 Sep 2022 , 01:33 AM

Reliance Industries announced that Reliance Petroleum Retail under name change to Reliance Polyester a wholly owned subsidiary of the Company on 09 September 2022 executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters SPL and Shubhlaxmi Polytex SPTex for cash consideration of Rs 1522 crore and Rs 70 crore respectively aggregating to Rs 1592 crore by way of slump sale on a going concern basis The acquisitions are part of the Companys strategy to expand its downstream polyester business The acquisitions are subject to approval of the Competition Commission of India and the respective lenders of SPL and SPTex SPL has a continuous polymerisation capacity of ~252000 MTAnnum and manufactures polyester fibre yarns and textile grade chips through direct polymerisation route as well as extruder spinning with value addition through texturising It has two manufacturing facilities situated at Dahej Gujarat and Silvassa Dadra and Nagar Haveli SPTex has a texturised yarn manufacturing facility at Dahej The turnover of SPL for FY 2019 FY 2020 and FY 2021 was Rs 270250 crore Rs 224908 crore and Rs 176839 crore respectively and turnover of SPTex for FY 2019 FY 2020 and FY 2021 was Rs 33702 crore Rs 33800 crore and Rs 26740 crore respectively