Shubhalakshmi Polyesters Ltd (SPL) and Shubhlaxmi Polytex Ltd were recently acquired by Reliance Polyester Ltd, a division of Reliance Industries Ltd (RIL) (SPTex). The acquisition of SPL and SPTex for 1,522 crore and 70 crore, respectively, was announced by Reliance Polyester, formerly known as Reliance Petroleum Retail Ltd, last year.
The Competition Commission of India (CCI) and the respective lenders for SPL and SPTex both needed to approve the purchases.
RIL announced the acquisitions in a stock exchange statement and stated that they are a part of the company’s strategy to expand its downstream polyester business.
SPL produces polyester fibre, yarns, and textile grade chips through direct polymerization as well as extruder spinning, with a continuous polymerization capacity of about 2,52,000 MT per year. with texturing bringing value to the mix.
It has two production facilities, one each in Silvassa and Dahej (Gujarat) (Dadra and Nagar Haveli). At Dahej, SPTex operates a plant for the production of texturized yarn.
SPL’s revenues for the three consecutive fiscal years ending in 2019, 2020, and 21 were 2,702.50 crore, 2,249.08 crore, and 1,768.39 crore, respectively, while SPTex’s revenues were 337.02 crore, 338 crore, and 267.40 crore, respectively.
