Reliance Petroleum Retail to acquire Shubhalakshmi Polyesters for ????? crore
Reliance is going to acquire SPTex for cash deal of around 70 crores.
and shubhalakshmi polyesters limited for 1522 crores.
this acquisition done by reliance is to expand its business in polyster line due to large profits.
they need to get approval from competition comission of India before acquiring company officially.
After this news RIL share in stock market closes with a small dip at price of 2568.
SPL company had capacity of 252000 million tonnes per year
they had 2 manufacturing unit one at Dahej and other one at Silvaa both in India.
turnover for the company in FY 2021 was 2702 crores
SPL manufactures polyster fibre, yarns and textile grade chips.