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The Competition Commission of India (CCI) on Thursday approved acquisition of certain businesses of Shubhalakshmi Polyesters Ltd and Shubhlaxmi Polytex Ltd by Reliance Polyester Ltd.

The proposed combination contemplates acquisition by Reliance Polyester Ltd (acquirer) of the business undertakings of Shubhalakshmi Polyesters Ltd (SPL) and Shubhlaxmi Polytex Ltd (SPTex) pertaining to the manufacture of polyester products and yarn as a going concern on a slump sale basis for a lumpsum consideration, a statement issued by the CCI said.

"The acquirer is not engaged in any business activity at present. However, post-closing of the proposed transaction, it will primarily be engaged in the production and supply of certain petrochemical products such as polyester staple fibre (PSF), polyethylene terephthalate chips (chips) as well as different types of polyester yarns. The acquirer belongs to the RIL group (which is one of the producers of polyester fibre and polyester yarns in India)," it said.