Financial Daily from THE HINDU group of publications
Thursday, Aug 12, 2004
Financial Daily from THE HINDU group of publications Thursday, Aug 12, 2004 |
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Corporate
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Mergers & Acquisitions Reliance gets EC nod for Trevira acquisition Our Bureau
Mumbai , Aug. 11 THE European Commission has approved Reliance Industries Ltd's acquisition of the German specialty polyester manufacturer Trevira. Approval from the regulator was essential for completing the Rs 440-crore acquisition, which will make RIL the largest polyester fibre and yarn maker in the world. The commission of European Communities has decided to declare the acquisition compatible with the common market and with the European Economic Area agreement, a news release said. Trevira, which was part of pharmaceutical major Hoechst, is a well-known polyester brand in Europe with a capacity of 1,30,000 tonnes a year. It was spun off into an independent business unit in 1998. Reliance announced the acquisition in June this year. The Trevira acquisition along with other planned capacity addition by RIL will take its polyester capacity to 1.8 million tonnes a year, ahead of Taiwan-based Nan-ya which is the largest polyester producer in the world with a capacity of one million tonnes a year. RIL, which started with a 10,000 tonnes-a-year polyester plant at Patalganga, now has a capacity of 8.9 lakh tonnes a year. RIL, which is acquiring an overseas manufacturing facility for the first time in its history, has bought the majority stake in Trevira from Deutsche Bank.
More Stories on : Mergers & Acquisitions | Textiles | Regulatory Bodies & Rulings
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