The world’s largest integrated producer, Reliance Industries Ltd. (RIL) has decided to acquire the polyester business of Shubhalakshmi Poly
As per reports, the contract will be done for Rs 1,592 crore on a slump sale basis. The company Shubhalakshmi Polyesters has polymerisation capacity of 2.52 lakh MTPA and is into manufacturing polyester fiber, yarns, and textile-grade chips.
“The acquisitions are a part of the company’s strategy to expand its downstream polyester business,” it said in an exchange filing.
Reliance Industries’ annual report suggests that overall global demand for polyester improved 7 percent to 85 million metric tonnes in FY22.
“Polyester downstream operating rates varied from stable to strong across the value chain,” the report said. Again, previously the company had expanded its presence in the new energy space through the acquisition of a 79.4 percent stake in California-based SenseHawk for $32 million.
Additionally, Reliance Industries is also aiming at undertaking a shutdown of one of its Crude Distillation Units (CDU) at its Jamnagar refinery for routine maintenance and inspection. The shutdown will last between three to four weeks, starting September 18. “The other CDU and Secondary Processing Units are expected to operate normally during this period,” the company said.