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Five in a row for Reliance

May 18, 2000

Reliance Industries has announced the takeover of DCL Polyester’s polyester yarn capacity of 40,000 tonnes per annum. The valuation of the capacity works to Rs 385 million almost a third of what it would require to set up the capacity. The takeover would be through an associate company to which Reliance would sell raw materials such as purified terepthalic acid and mono ethyl glycol and buy back the final product polyester yarn.

This would be the fifth takeover of polyester capacities for Reliance after the takeover JK group’s Orissa Synthetics, RPG group’s India Polyfibres, Vijaypat Singhania’s Raymond Synthetics and the Thapar group company JCT’s polyester division.

All these plants were set up during the license raj when diversification into polyester was the surest way of earning super profits.

However, except for Reliance which backward integrated into fibre intermediates and controlled the raw material chain, all the other groups which anyway had set up uneconomical capacities (except for JCT which had a 90,000 tpa capacity) got hit by the fluctuations in the raw material prices and went into the red.

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