Latest News | CCI Clears Reliance Polyester's Acquisition of Shubhalakshmi Polyesters, Shubhlaxmi Polytex

New Delhi, Oct 20 (PTI) Fair trade regulator Competition Commission on thursday cleared the acquisition of business undertakings of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd by Reliance Polyester Ltd.

The proposed transaction pertains to the acquisition by the Reliance Polyester Ltd (RPL) of the business undertakings of Shubhalakshmi Polyesters Ltd (SPL) and Shubhlaxmi Polytex Ltd (SPTex) pertaining to the manufacture of polyester products/yarn as a going concern on a slump sale basis for a lumpsum consideration.

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In a tweet on Thursday, CCI said it has approved the "acquisition of certain businesses of Shubhalakshmi Polyesters and Shubhlaxmi Polytex by Reliance Polyester".

Last month, Reliance Polyester Ltd, a wholly-owned subsidiary of the Reliance Industries Ltd, executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd for cash consideration of Rs 1,522 crore and Rs 70 crore respectively, aggregating to Rs 1,592 crore by way of slump sale on a going concern basis.

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SPL and SPTex is primarily engaged in the production and supply of polyester products while RPL is engaged in the production and supply of certain petrochemical products and polyester yarns.

Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the market place.

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