Mukesh Ambani expands polyester empire, Reliance buys 2 companies Mukesh Ambani expands polyester empire, Reliance buys 2 companies
Reliance Polyester Ltd signed definitive agreements in September 2022 to buy Subhalakshmi Polyester for Rs 1,522 crore and Subhalakshmi Polytex for Rs 70 crore in cash.
Mukesh Ambani expands polyester empire, Reliance buys 2 companies
Mukesh Ambani his did Polyester Empire Bought two companies while growing. According to the data Reliance Industries KEY RELIANCE POLYESTER LTD (Reliance Polyester Limited) Ltd. has completed the acquisition of the polyester business of Subhalakshmi Polyesters Limited and Subhalakshmi Polytex Limited. In September 2022, Reliance Polyester signed definitive agreements to buy Subhalakshmi Polyester for Rs 1,522 crore and Subhalakshmi Polytex for Rs 70 crore in cash. Competition Commission of India (CCI) The acquisition was approved in October.
Reliance has provided this information
Reliance Industries informed investors about the acquisition through an exchange filing. Reliance Industries said we would like to inform you that Reliance Polyester Limited (formerly known as Reliance Petroleum Retail Limited), a wholly owned subsidiary of the Company, has acquired the Polyester business on March 8, 2023, after obtaining all necessary approvals. Subhalakshmi Polyesters Limited and Subhalakshmi Polytex Limited have been completed.
Production units in any part of the country
Subhalakshmi Polyesters has two manufacturing units at Dahej (Gujarat) and Silvasa (Dadra and Nagar Haveli) and Subhalakshmi Polytex has a texturized yarn manufacturing unit at Dahej. The firm specializes in manufacturing and distribution of polyester products. The acquisition is part of Reliance’s strategy to expand its polyester business. Reliance Polyester was earlier known as Reliance Petroleum Retail Limited.
Already invested in textile industry
However, this is not the first purchase by RIL in the textile industry. The group bought bankrupt Alok Industries for Rs 5,000 crore in 2019. Alok Industries then had one plant each at Silvassa, Vapi, Navi Mumbai and Bhiwandi, with an annual production capacity of 68,000 tonnes of yarn and 1.7 lakh tonnes of polyester. In April 2022, RIL bought bankrupt Syntex Industries for Rs 3,651 crore. Syntex was a clothing supplier to global brands such as Hugo Boss, Armani, Burberry and Diesel. According to Trackxn, Reliance Industries has made 35 acquisitions and 29 investments and has invested in various areas such as energy storage technology, drones, test preparation technology.
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