RIL to acquire assets of Hualon

Reliance Industries Ltd (RIL) will soon become the solution provider to the global textile industry. It has acquired Hualon of Malaysia which has a manufacturing capacity of half a million tonnes per annum of polyester. RIL on Monday said that it has reached an agreement with the receivers and managers of Hualon Corporation in Malaysia to acquire the assets of Hualon, a leading producer of polyester with a manufacturing capacity of half a million tonnes per annum along with downstream textile manufacturing capabilities in Nilai and Malacca in Malaysia.
The company said the acquisition of Hualon is subject to certain conditions and regulatory approvals. Mr Mukesh Ambani, chairman, RIL, said, "Reliance celebrates its silver jubilee in polyester business with the acquisition of Hualon, The integrated assets of Hualon will help RIL to strengthen its position in the entire textile value chain and RIL will graduate to become a solution provider to the global textile industry." The acquisition will be the second international one in the polyester sector of RIL after the successful takeover of Trevira in Germany in 2004.