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 companyâ€™s polyester capacity by 25% and consolidate its position as the worldâ€™s largest polyester maker with a capacity of 2.5 million tonnes per annum. It will also boost RILâ€™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 Hualonâ€™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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