{"id":12401,"date":"2022-09-10T11:50:00","date_gmt":"2022-09-10T06:20:00","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-reliance-acquisition\/"},"modified":"2022-09-10T11:47:51","modified_gmt":"2022-09-10T06:17:51","slug":"biz-reliance-acquisition","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-reliance-acquisition\/","title":{"rendered":"Reliance acquires Shubhalakshmi Polyesters for Rs 1,592 crore"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1620916813\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Billionaire Mukesh Ambani&#8217;s Reliance Industries Ltd has acquired polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore, the company said in a stock exchange filing.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2544767082\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p>&#8220;Reliance Petroleum Retail Ltd (under name change to &#8216;Reliance Polyester Ltd&#8217;), 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,&#8221; the firm said.<\/p>\n<p>The deal is subject to approval of the Competitiorn Commission of India (CCI) and the respective lenders of SPL and SPTex.<\/p>\n<p>The acquisition will strengthen the textile manufacturing business of Reliance.<\/p><div class=\"trade-content_5\" id=\"trade-510158374\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>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 tonnes per year. The firm has two production facilities, one each in Dahej in Gujarat and Silvassa in Dadra and Nagar Haveli. At Dahej, SPTex operates a plant for the production of texturised yarn.<\/p>\n<p>&#8220;The acquisitions are part of the company&#8217;s strategy to expand its downstream polyester business,&#8221; Reliance said.<\/p>\n<p>SPL registered turnovers of Rs 2,702.50 crore, Rs 2,249.08 crore and Rs 1,768.39 crore in financial years 2019, 2020 and 2021, respectively. SPTex had turnovers of Rs 337.02 crore, Rs 338.00 crore and Rs 267.40 crore, respectively. PTI ANZ HVA<\/p>\n<div class=\"trade-after-content\" id=\"trade-3673818416\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Billionaire Mukesh Ambani&#8217;s Reliance Industries Ltd has acquired polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore, the company said in a stock exchange filing. &#8220;Reliance Petroleum Retail Ltd (under name change to &#8216;Reliance Polyester Ltd&#8217;), a wholly owned subsidiary of the company, today executed definitive documents to acquire polyester business of [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":17594,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1696,31],"tags":[2092,2093,65,2090,2091],"class_list":["post-12401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-action","category-news","tag-battery-technology","tag-faradion-ltd","tag-mukesh-ambani","tag-reliance","tag-reliance-industries-ltd"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - 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