Winning Bizness Desk
Mumbai. Reliance Petroleum Retail, a subsidiary of Reliance Industries has acquired one more company and this time, it has acquired Shubhalakshmi Polyesters (SPL) and Shubhalakshmi Polytex (SPTex). As per reports, Reliance Petroleum Retail has bought the polyester business of SPL and SPTex for Rs 1,522 crore and Rs 70 crore. The turnover of SPL in the financial years 2019, 2020 and 2021 was Rs 2702.50 crore, 2249.08 crore and Rs 1768.39 crore. While the turnover of SPTex was Rs 337.02 crore, Rs 338.00 crore and Rs 267.40 crore in the same period.
Will need CCI's approval
The deal is subject to the approval of the Competition Commission of India (CCI) and related lenders of SPL-SPTex. SPL has a continuous capacity to produce around 2,52,000MT of polymers every year. Apart from this, SPL also produces polyester fibre, yarn and textile grade chips. SPL has 2 production units at Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli). Apart from this, SPTex also has a production unit in Dahej, where textured yarn is produced. Reliance Petroleum Retail is making this acquisition as part of its strategy to grow in its downstream polyester business.