Reliance Industries strengthens Polyester dominance with the successful acquisition of two firms

Reliance Industries

Reliance Polyester Limited, a subsidiary of Reliance Industries, has acquired Shubhalakshmi Polyesters Limited and Shubhlaxmi Polytex Limited’s polyester businesses.

RIL informed investors of this acquisition through a stock exchange filing.

“We wish to inform you that Reliance Polyester Limited (formerly known as Reliance Petroleum Retail Limited), a wholly-owned subsidiary of the Company, completed the acquisition of the polyester business of Shubhalakshmi Polyesters Limited and Shubhlaxmi Polytex Limited on March 8, 2023, after receipt of the necessary approvals,” wrote the Mukesh Ambani-backed company.

Reliance Petroleum Retail paid 1,522 crores and 70 crores in cash for Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTexpolyester )’s businesses last year.

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

SPL and SPTex are primarily involved in the production and distribution of polyester products, whereas RPL is involved in the production and distribution of certain petrochemical products and polyester yarns.

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Shubhalakshmi Polyesters has two manufacturing plants, one in Dahej, Gujarat, and the other in Silvassa, India (Dadra and Nagar Haveli). Furthermore, Shubhlaxmi Polytex operates a texturised yarn manufacturing facility in Dahej.