Reliance Petroleum Retail to acquire Shubhalakshmi Polyesters for Rs 1,522 crore

Reliance Petroleum Retail Limited, a wholly owned subsidiary of Reliance Industries Ltd (RIL), will acquire the polyester business of Shubhalakshmi Polyesters Limited (SPL) and Shubhlaxmi Polytex Limited (SPTex) for cash consideration of Rs. 1,522 crore and Rs. 70 crore respectively, aggregating to Rs. 1,592 crore by way of slump sale on a going concern basis, the company said in a exchange filing late Friday evening.

The acquisitions are part of the company’s strategy to expand its downstream polyester business.