The Competition Commission of India (CCI) approves acquisition of certain businesses of Shubhalakshmi Polyesters Limited and Shubhlaxmi Polytex Limited by Reliance Polyester Limited.
The proposed combination contemplates acquisition by the Reliance Polyester Limited (Acquirer) of the business undertakings of Shubhalakshmi Polyesters Limited (SPL) and Shubhlaxmi Polytex Limited (SPTex) pertaining to the manufacture of polyester products / yarn as a going concern on a slump sale basis for a lumpsum consideration
The Acquirer is not engaged in any business activity at present. However, post-closing of the Proposed Transaction, it will primarily be engaged in the production and supply of certain petrochemical products such as polyester staple fibre (PSF), polyethylene terephthalate chips (Chips) as well as different types of polyester yarns. The Acquirer belongs to the RIL group (which is one of the producers of polyester fibre and polyester yarns in India).
The RIL group is engaged in the following business activities either by itself or through its group entities in India / the rest of the world: (i) refining and marketing; (ii) petrochemicals; (iii) exploration and production of oil and gas; (iv) retail; (v) telecommunication and digital services; and (vi) media and entertainment.
SPL is engaged in the production and supply of, inter alia, the following polyester products in India: (i) PSF; (ii) partially oriented yarn (POY); (iii) drawn textured yarn / polyester textured yarn (DTY or PTY); (iv) fully drawn yarn (FDY); and (e) Chips.
SPL also exports polyester products to over 35 countries including to the United States of America, Canada, Australia, Ethiopia, Peru, Chile, Colombia, Korea, Vietnam and Russia.
SPTex is engaged in the production and supply of DTY in India. SPTex also exports DTY to other countries including to the United States of America, Canada, Australia, Ethiopia, Peru, Chile, Colombia, Korea, Vietnam and Russia
