Buys Malaysian polyester company Hualon

摘要

Reliance Industries Ltd has agreed to acquire the polyester and textile manufacturing assets of the Malaysia-based Hualon Corporation. RIL sources did not disclose the consideration for the acquisition, but a spokesperson said it would constitute the largest FDI in Malaysia, since the East Asian crisis in 1997. Although Hualon was mired in debt and accumulated losses, which had driven it to sell its assets, the buy was not at a throwaway price, it is stated.