Reliance set to acquire polyester maker Trevira
By Furniture Today Staff -- Furniture Today, July 26, 2004
Bombay, India — Reliance Inds. Ltd., based here, is acquiring European polyester producer Trevira Group in a deal that will give RIL a foothold in Europe and move Trevira into the fast-growing Indian textile market.
When the deal is complete, and expansion currently under way in India is finished, RIL will have an annual capacity of 1.8 million tons of polyester staple fibers and filament yarns, and expects to be the world's largest producer of polyester fiber.
Subodh Sapra, president of RIL's polyester division, said, "We are delighted that Trevira is our first overseas polyester acquisition. We expect that the strong commitment of Reliance to the growth of polyester, and our integration into polyester raw materials, will help both Trevira and Reliance to serve all our customers in Europe and other world markets with superior polyester products and even better supply chain services."
RIL has annual revenues of more than $22.6 billion, equivalent to 3.5% of India's gross domestic product, and is involved in oil and gas refining and marketing; petrochemicals, including polyester, polymers and intermediates; textiles; financial services and insurance; power; telecommunications and other initiatives.
Founded in 1932, the company currently exports to more than 100 countries.
