(PTI) Shares of Reliance Industries gained nearly 1 per cent in morning trade on Monday after the company announced the acquisition of polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for ₹1,592 crore.
On September 10, Reliance Industries said the acquisition is part of the strategy to expand its downstream polyester business.
Shares of the company opened at ₹2573.70, then gained 0.98 per cent to touch ₹2593.80 apiece on the BSE.
Similar movement was seen on the NSE where the company's shares opened at ₹2,570.55, then touched ₹2,591.60, higher by 0.87 per cent over its last close.
"Reliance Petroleum Retail Ltd (under name change to 'Reliance Polyester Ltd'), a wholly-owned subsidiary of the company, today executed definitive documents to acquire polyester business of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd for cash consideration of ₹1,522 crore and ₹70 crore respectively, aggregating to ₹1,592 crore by way of slump sale on a going concern basis," the firm had said. The acquisition will strengthen the textile manufacturing business of Reliance Industries.