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SPL produces polyester fibre, yarns, and textile-grade chips through direct polymerisation and extruder spinning with value addition through texturising
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Reliance Industries, in a stock exchange filing late on Friday, informed that one of its subsidiaries, Reliance Petroleum Retail Ltd, has executed definitive agreements to buy the polyester business of Shubhalakshmi Polyesters Ltd (SPL) and Shubhlaxmi Polytex Ltd (SPTex) for Rs 1,522 crore and Rs 70 crore respectively by way of slump sale on a going concern basis.
The acquisition will be subject to the approval of the Competition Commission of India (CCI) and the respective lenders of SPL and SPTex, Reliance informed in the filing.
SPL produces polyester fibre, yarns, and textile-grade chips through direct polymerisation and extruder spinning with value addition through texturising.
It has a continuous polymerisation capacity of 2,52,000 mt per year. The firm has two production facilities, one each in Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli). At Dahej, SPTex operates a plant for the production of texturised yarn.
Reliance Petroleum Retail will be making the acquisitions as part of its objective to grow its downstream polyester business.
On 29 August, at Reliance’s 45th Annual General Meeting (AGM), Chairman Mukesh Ambani announced investments worth Rs 75,000 crore in its petrochemicals and textile business over the next five years to expand capacities in existing and new value chains.
The turnover of SPL for the financial year 2021 was Rs 1,768.39 crore, and that for SPTex was Rs 267.40 crore.