A subsidiary of Reliance Industries Ltd has carried out a definitive agreement to buy a polyester business from Shubhalashmi Polyesters Ltd (SPL) and Shubhlaxmi Polytex Ltd (SPTEX) for RS 1,522 Crore and RS 70 Crore each in the sale of Slumps with a concern base.

Acquisitions with a total of 1,592 CRORE RS will be carried out by Reliance Petroleum Retail Ltd. and subject to the approval of the competition supervisor as well as the lending of each from the SPL and SPTEX, the submission of the exchange by Reliance Industries.

SPL produces polyester fibers, threads, and textile grade chips through direct polymerization and spinning extruders by adding values ​​through texture. This has a continuous polymerization capacity of 2,52,000 MT per year. The company has two production facilities, each in Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli). In Dahej, SPTEX operates a factory for textured yarn production.

Reliance Petroleum Retail will make an acquisition as part of its aim to develop its downstream polyester business.

SPL turnover for the 2019, 2020 and 2021 financial year is 2,702.50 Crore Rs, 2,249.08 Crore Rs and 1,768.39 Crore respectively and for SPTEX is RS 337.02 Crore, RS 338.00 Crore and RS 267, 40 Crore Crore
each.