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RIL Acquires Shubhalakshmi Polyesters and Shubhlaxmi Polytex

Published on September 11, 2022
Current Context: Reliance Industries Ltd. (RIL) acquired polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd. and Shubhlaxmi Polytex.
RIL Acquires Shubhalakshmi Polyesters and Shubhlaxmi Polytex
  • Reliance Petroleum Retail, the wholly owned subsidiary of the RIL, acquired Shubhalakshmi Polyesters Ltd. (SPL) for Rs 1,522 crores and Shubhlaxmi Polytex (SPTex) for Rs 70 crores.
  • The Competition Commission of India (CCI) will now review the acquisition and accordingly decide whether or not to approve it.
  • SPL was established as a trading company in 1989 with its first manufacturing Plant at Daman.
  • SPL produces polyester fiber, yarns, and textile-grade chips through direct polymerization as well as an extruder spinning with a capacity of 2,52,000 tonnes per year.
  • The turnovers registered by SPL for FY19, FY20, and FY21, were respectively, Rs 2,702.50 crores, Rs 2,249.08 crores, and Rs 1,768.39 crores.

Question:

Q.1 The Shubhalakshmi Polyesters Ltd. was recently acquired by?
a. Vardhman Textiles Ltd
b. K P R Mill Ltd
c. Reliance Industries Ltd
d. Adani Group
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