Reliance Industries to acquire assets of Hualon

By Staff
|
Google Oneindia News

New Delhi, Sep 10 (UNI) Reliance Industries Ltd (RIL) today said it has entered into an agreement with Malaysia-based firm Hualon Corporation, to acquire the assets of the company.

Chairman of the company Mukesh Ambani said in a statement, ''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. This acquisition reiterates our strong commitment to the growth of polyester.'' The acquisition will help to achieve global vision of Reliance polyester sector through easy access to other Western markets.

Reliance's existing R&D will help the industry in Malaysia to launch innovative products catering to high value premium segments.

The integrated facility at Hualon will help RIL to comprehend the entire textile value chain and hasten new product developments in polyester.

Hualon is a leading polyester producer and largest exporter in Malaysia with a polyester manufacturing capacity of half a million tonnes per annum along with downstream textile manufacturing capabilities spread over two locations in Malaysia.

UNI

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