RIL acquires Hualon Corp : Share up 1%
Shares of Reliance Industries rose 1 per cent on acquisition of Malaysia’s Hualon Corporation.
By INDIATIMES NEWS NETWORK |
MUMBAI: Shares of Reliance Industries rose 1 per cent on acquisition of Malaysia’s Hualon Corporation. Hualon is a leading polyester producer in Malaysia with a polyester manufacturing capacity of 0.5 million tonne per annum.
At 12:11 PM, the Reliance Industries share was up 1.2 per cent to Rs 1985. The stock has seen a high of Rs 1994.10 in trade so far with volume of 339075 against two-week average of 736817 shares.
This acquisition, once completed, will be the second international acquisition in the polyester sector of the company after the successful takeover of Trevira in Germany in 2004.
This will help Reliance Industries consolidate its position further as the world's largest polyester manufacturer with 2.5 million tonne capacity, 25 per cent increase from the current capacity and increase in revenue by around $1 billion. This acquisition will give the company more than 7 per cent global market share in polyester fibre and yarn, Reliance Industries said in a release to BSE.
"The integrated assets of Hualon will help Reliance Industries to strengthen its position in the entire textile value chain and the company will graduate to become a solution provider to the global textile industry," said Mukesh Ambani, chairman of the company.
At 12:11 PM, the Reliance Industries share was up 1.2 per cent to Rs 1985. The stock has seen a high of Rs 1994.10 in trade so far with volume of 339075 against two-week average of 736817 shares.
This acquisition, once completed, will be the second international acquisition in the polyester sector of the company after the successful takeover of Trevira in Germany in 2004.
This will help Reliance Industries consolidate its position further as the world's largest polyester manufacturer with 2.5 million tonne capacity, 25 per cent increase from the current capacity and increase in revenue by around $1 billion. This acquisition will give the company more than 7 per cent global market share in polyester fibre and yarn, Reliance Industries said in a release to BSE.
"The integrated assets of Hualon will help Reliance Industries to strengthen its position in the entire textile value chain and the company will graduate to become a solution provider to the global textile industry," said Mukesh Ambani, chairman of the company.
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