Reliance Polyester Limited, a sister company of Reliance Industries, has finished its acquisition of the polyester businesses of Shubhalakshmi Polyesters Limited and Shubhlaxmi Polytex Limited.
Overview
RIL informed investors of this acquisition through a stock exchange submission. “We wanted to let you know that Reliance Polyester Limited, a complete subsidiary of the Company, completed acquisition of polyester business of Shubhalakshmi Polyesters Limited along with Shubhlaxmi Polytex Limited on March 8, 2023, after the necessary approvals,” wrote Mukesh Ambani-backed company.
On October 20, 2022, the Competition Commission approved Reliance Polyester Ltd’s acquisition of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd’s business undertakings. Last year, Reliance Petroleum Retail purchased Rs 1,522 crore and Rs 70 crore in cash for Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex), respectively.
End Note
SPL and SPTex primarily manufacture and deliver polyester products, whereas RPL is involved mainly in producing and providing specific petroleum and polyester yarns.
Shubhalakshmi Polyesters has two manufacturing facilities, one in Dahej, Gujarat, and the other in Silvassa, India (Dadra and Nagar Haveli). Besides that, Shubhlaxmi Polytex operates a texturized yarn manufacturing facility in Dahej.
