Reliance Industries today announced that the company has reached an agreement with the Receivers and Managers of Hualon Corporation in Malaysia, to acquire assets of Hualon.
According to a release issued by Reliance to the BSE today, this agreement is an important step towards the acquisition of assets of Hualon. The agreement to acquire is subject to certain conditions and regulatory approvals.
'Hualon is a leading polyester producer in Malaysia with a polyester (fibre, yarn and resin) manufacturing capacity of half a million tons per annum along with downstream textile manufacturing capabilities spread over two locations in Malaysia namely, Nilai and Malacca. It is one of the largest exporters in Malaysia.', the release added.
Commenting on this development Mukesh Ambani, chairman of the company, said "Reliance celebrates its silver jubilee in polyester business with the acquisition of Hualon. The integrated assets of Hualon will help Reliance to strengthen its position in the entire textile value chain and Reliance will graduate to become a solution provider to the global textile industry. This acquisition reiterates our strong commitment to the growth of polyester."
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