16 August 2004 10:39 [Source: ICIS news]
LONDON (CNI)--Reliance Industries Ltd (RIL), India's largest oil and petrochemicals company, said Monday it has completed the acquisition of German specialty polyester maker Trevira from Deutsche Bank.
It said that following last week's approval of the deal by the European Commission (EC), Trevira has been transferred to Reliance.
"All financial formalities have been completed," said Reliance. "Both the ownership and management control have now been transferred to Reliance with immediate effect."
Subodh Sapra, president of Reliance's polyester business, said of the acquisition: “It’s a win-win situation for both the companies. Reliance gets a foothold in Europe while Trevira will benefit from the resources of the world’s largest integrated polyester producer.”
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The acquisition, coupled with expansion projects underway in India, will boost Reliance's total PFY and PSF capacity to more than 1.8m tonne/year.
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