Reliance bought Shubalakshmi Polyesters for Rs.1592 crores

Reliance Petroleum Retail Company, which has been rebranded as Reliance Polyester, on Saturday bought Shubhalakshmi Polyesters (SPL) for Rs.1,522 crore and Shubhlaxmi Polytex (SPTex) for Rs.70 crore. Reliance Polyester Company is wholly owned by Mukesh Ambani’s Reliance Industries Limited (RIL). The purchase agreement will finally come into effect after the approval of the ‘Competition Commission of India – CCI’. Reliance bought Shubalakshmi Polyesters for Rs.1592 crores.

Shubalakshmi Company has units with capacity to produce Rs.2.52 crore tones of polyester yarn per annum. The company has units in Dahej and Silvasa towns in Dadra Nagar Haveli, Gujarat. In recent days, Reliance Industries Limited is stepping firmly in the field of textiles. Reliance is trying to expand its business by acquiring new companies. The deal to buy units of Shubalakshmi Company is also part of the company’s ambitions. Reliance bought Shubalakshmi Polyesters for Rs.1592 crores.

Reliance makes strides in solar energy

Reliance Industries Limited, which brought a revolutionary change in the telecom sector, has now foreshadowed a similar effort in the solar power sector. Reliance Industries (RIL) has proposed to buy a 79.4% stake in SenseHawk, an American company that provides software services to solar power companies.

In this regard,Reliance Industries Ltdhas entered into an agreement with the promoters of Sensehawk Company, for which Reliance will spend 3.2 crore US dollars. Started in 2018, Sensehawk is a software company based in California. It provides solar energy companies with software tools for day-to-day operations.

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The turnover of Sensehawk Company for the financial year 2021-2022 is 2.32 crore US dollars. 1.16 crore US dollars in 2020-21 and 1.29 crore US dollars in 2019-20. Sensehawk is a company that helps design, install and generate solar power. “Sensehawk provides many tools to automate the production and supply of solar energy,” said Reliance Industries Limited in a statement to the Government of India.