Reliance Industries (RIL) today announced the acquisition of Hualon Corporation of Malaysia, the world's largest integrated polyester manufacturing company, for an undisclosed amount.
E&Y had invited bids for the family-run company, which has turnover of nearly Rs 3,200 crore, nine months ago.This is RIL's second overseas acquisition in the textiles industry. The first purchase was Trevira, a polyester manufacturer in Germany, for about Rs 440 crore three years ago.A RIL spokesperson declined to reveal the deal size of the latest buy.
The acquisition will help RIL consolidate its position as the world’s largest polyester manufacturer with capacity of 2.5 million tonne, 25% increase from the current capacity and increase in revenue by Rs 4,000 crore next year. The Hualon acquisition will help RIL clinch more than 7% of the global market share in polyester fibre and yarn business as against its existing share of over 5%.
Read more in The Business Standard article.
No comments:
Post a Comment