Inflation slows down to 3.52%
Inflation slowed to a two-year low, adding to optimism the central bank may not immediately increase borrowing costs. The wholesale price index was 3.52 per cent in the week to September 1, the lowest since August 27, 2005, compared with 3.79 per cent the previous week, the Ministry of Commerce and Industry said on Friday.
Friday, September 14, 2007
Monday, September 10, 2007
RIL acquires Malaysian polyester maker
Reliance Industries Ltd (RIL) on Monday said that it has acquired Malaysian polyester producer Hualon Corp Sdn Bhd for an undisclosed sum. Established in 1989, Hualon is an integrated polyester-to-textile maker with half a million tons of pol yester capacity, 2,50,000 spindles for spun yarn and facilities for weaving and processing of 5,800 shuttle-less looms. The company also has nylon filament manufacturing capability.
Reliance has "reached an agreement with the receivers and managers of Hualon Corp to acquire assets of Hualon...'' a company press release said here. Hualon has manufacturing units at Nilai and Malacca in Malaysia and is one of the largest exporters in that country. The company has highly automated plants, cutting edge technology and the most advanced machinery. Hualon was placed into receivership on November 30, 2006 and Lim Tian Huat, Adam Primus Bin Abdullah and Stephen Duar, all of Ernst & Young, Malaysia, were appointed receivers and managers of the company. The agreement to acquire is subject to certain conditions and regulatory approvals, the release said.
This acquisition, when consummated, will be the second international acquisition in the polyester sector by Reliance after the successful takeover of Trevira in Germany in 2004. It will help Reliance consolidate its position further as the global larges t polyester manufacturer with 2.5 million tonnes capacity, a 25 per cent increase from the current capacity, and a rise in revenue by around $1 billion. "The acquisition will bestow RIL with more than 7 per cent global market share in polyester fibre an d yarn,'' the release said
Reliance Industries Ltd (RIL) on Monday said that it has acquired Malaysian polyester producer Hualon Corp Sdn Bhd for an undisclosed sum. Established in 1989, Hualon is an integrated polyester-to-textile maker with half a million tons of pol yester capacity, 2,50,000 spindles for spun yarn and facilities for weaving and processing of 5,800 shuttle-less looms. The company also has nylon filament manufacturing capability.
Reliance has "reached an agreement with the receivers and managers of Hualon Corp to acquire assets of Hualon...'' a company press release said here. Hualon has manufacturing units at Nilai and Malacca in Malaysia and is one of the largest exporters in that country. The company has highly automated plants, cutting edge technology and the most advanced machinery. Hualon was placed into receivership on November 30, 2006 and Lim Tian Huat, Adam Primus Bin Abdullah and Stephen Duar, all of Ernst & Young, Malaysia, were appointed receivers and managers of the company. The agreement to acquire is subject to certain conditions and regulatory approvals, the release said.
This acquisition, when consummated, will be the second international acquisition in the polyester sector by Reliance after the successful takeover of Trevira in Germany in 2004. It will help Reliance consolidate its position further as the global larges t polyester manufacturer with 2.5 million tonnes capacity, a 25 per cent increase from the current capacity, and a rise in revenue by around $1 billion. "The acquisition will bestow RIL with more than 7 per cent global market share in polyester fibre an d yarn,'' the release said
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