Business conglomerate Reliance is set to buy polyester business of Shubhalakshmi Polyesters and Shubhlaxmi Polytex Ltd. (SPL) in slump sale.
As per media reports, the acquisitions totalling Rs. 1,592 crore will be made by Reliance Petroleum Retail Ltd. and are subject to approval of the official authorities as well as respective lenders of the targets.
SPL’s turnover for financial years 2019, 2020 and 2021 was Rs. 2,702.50 crore, Rs. 2,249.08 crore and Rs. 1,768.39 crore, respectively, and that for SPTex was Rs. 337.02 crore, Rs. 338.00 crore and Rs. 267.40 crore, respectively.
The report claimed that a subsidiary of Reliance Industries Ltd. has executed definitive agreements to buy the polyester business of Shubhalakshmi Polyesters Ltd. (SPL) and Shubhlaxmi Polytex Ltd. (SPTex) for Rs. 1,522 crore and Rs. 70 crore, respectively, in a slump sale on a going concern basis.
SPL has a continuous polymerisation capacity of 2,52,000 mt per year and it has two production facilities, in Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli).
