Reliance Petroleum Retail to acquire Shubhalakshmi Polyesters for Rs 1,522 crore
Reliance will make the Rs 1,592 cr worth of acquisitions, subject to the approval of the competition watchdog.
In a slump sale on a going concern basis, a subsidiary of Reliance has signed definitive agreements to purchase the polyester businesses of SPL & SPTex for Rs. 1,522 crore & Rs. 70 cr., respectively.
The Competition Commission of India (CCI) and the respective lenders for SPL and SPTex must approve the acquisitions.
It has two production facilities, one each in Silvassa and Dahej (Gujarat) (Dadra and Nagar Haveli). In Dahej, SPTex has a facility for the production of texturized yarn.
SPL produces polyester fibre, yarns, & textile grade chips through direct polymerization & extruder spinning with value addition through texturizing.
In FY19, FY20 & FY21, respectively, SPL had a turnover of $2,702 billion (B), $2,249 B & $1,768 B, whereas SPTex had a turnover of $337 B, $338 B & $267 B during the same time period.
SPL produces polyester fibre, yarns, and textile grade chips through direct polymerization. It has a continuous polymerization capacity of 2,52,000 million tonnes per year.
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