Shares of Reliance Industries gained nearly 1 per cent in morning trade on Monday after the company announced the acquisition of polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore.
On September 10, Reliance Industries said the acquisition is part of the strategy to expand its downstream polyester business.
Shares of the company opened at Rs 2573.70, then gained 0.98 per cent to touch Rs 2593.80 apiece on the BSE.
Similar movement was seen on the NSE where the company’s shares opened at Rs 2,570.55, then touched Rs 2,591.60, higher by 0.87 per cent over its last close.
“Reliance Petroleum Retail Ltd (under name change to ‘Reliance Polyester Ltd’), a wholly-owned subsidiary of the company, today executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd for cash consideration of Rs 1,522 crore and Rs 70 crore respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis,” the firm had said.
The acquisition will strengthen the textile manufacturing business of Reliance Industries. PTI DRR RAM
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