The acquisitions were waiting for approval by the Competition Commission of India (CCI) and the respective lenders of SPL and SPTex.

Issuing a statement in the stock exchange announcing the acquisitions, RIL said these are part of the company’s plan to grow its downstream polyester business.

SPL has a continuous polymerisation capacity of around 2,52,000 MT per annum and manufactures polyester fibre, yarns and textile grade chips through direct polymerisation route as well as extruder spinning with value addition through texturising.

It has two manufacturing facilities situated at Dahej (Gujarat) and Silvassa (Dadra and Nagar Haveli). SPTex has a texturised yarn manufacturing facility at Dahej.

The turnovers of SPL for FY19, FY20 and FY21 were ₹2,702.50 crore, ₹2,249.08 crore and ₹1,768.39 crore respectively and turnovers of SPTex for those three consecutive fiscals were ₹337.02 crore, ₹338 crore and ₹267.40 crore respectively.

Fibre2Fashion News Desk (DS)