M&A
RIL to acquire Shubhalakshmi Polyesters for Rs 1,592-Cr
Publicly listed Reliance Industries Limited (RIL), via Reliance Petroleum Retail Limited, is to acquire the polyester business of Surat-based Shubhalakshmi Polyesters Limited (SPL) and its group firm Shubhlaxmi Polytex Limited (SPTex), for a total of INR 1,592 crore. In this all cash deal. SPL will be paid out INR 1,522 crore and SPTex INR 70 crore. The turnover of SPL for FY19, FY20 and FY21 was INR 2,702.50 crore, INR 2,249.08 crore and INR 1,768.39 crore respectively. The turnover of SPTex for FY19, FY20 and FY21 was INR 337.02 crore, INR 338.00 crore and INR 267.40 crore respectively. SPL manufactures polyester fibre, yarns and textile grade chips and provides value addition through texturising. It has two manufacturing facilities situated at Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli). SPTex has a texturised yarn manufacturing facility at Dahej.
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