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A subsidiary of Reliance Industries 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 in a slump sale on a going concern basis.
The acquisitions totalling Rs 1,592 crore will be made by Reliance Petroleum Retail Ltd and are subject to approval of the competition watchdog as well as respective lenders of SPL and SPTex, said an exchange filing by Reliance Industries.
SPL produces polyester fibre, yarns, and textile-grade chips through direct polymerisation as well as 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.
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