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Chemical Week Magazine :: Business & Finance :: Asia/Pacific

Reliance to Buy Polyester Manufacturer in Malaysia

11:26 AM MDT | September 21, 2007 | Deepti Ramesh

Reliance Industries Ltd. (RIL; Mumbai) says it has signed an agreement to acquire polyester producer Hualon Corp. (Kuala Lumpur) in a deal that would boost Reliance’s polyester production by 25%, to 2.5 million tons/year. Reliance will acquire the $800-million company from Ernst & Young, Malaysia (Kuala Lumpur), which is the appointed receiver and manager for Hualon. Terms were not disclosed. Some media reports say that Reliance could pay $150 million-$250 million for the assets, however. The agreement is pending regulatory approval. Hualon has...

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