RELIANCE INDUSTRIES ACQUIRES MALAYSIAN POLYESTER FIRM

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Mukesh Ambani promoted Reliance Industries (RIL) has agreed to buy textile and polyester manufacturing assets of the Malaysia-based Hualon Corporation. In a statement, the company said that the acquisition will increase the company’s polyester capacity by 25% and consolidate its position as the world’s largest polyester maker with a capacity of 2.5 million tonnes per annum. It will also boost RIL’s annual revenues by about $1billion. The company did not disclose the price of its acquistion. Besides additional capacity, the biggest polyester producer will also get access to Hualon’s clients and two locations for other textile products. In 2004, it brought Trevira a specialised polyester firm for about $ 80 million.

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