Reliance Petroleum Retail Limited is a completely owned subsidiary business of Reliance Industries and it will be acquiring Shubhlakshmi Polytex Limited for Rs.1,522 crore and Rs.70 crore. This move by Reliance Petroleum Retail is a part of its strategy to increase its polyester business.
The company said, “The acquisitions are subject to approval of the Competition Commission of India and the respective lenders of SPL and SPTex.”
In a press statement, it said, “The above transaction do not fall within the related party transactions and none of the company’s promoter or promoter group or group companies have any interest in above entities.”
