Reliance Industries Limited (RIL) announced on Monday that it reached an agreement with the Receivers and Managers of Hualon Corporation (M) Sdn Bhd in Malaysia, to acquire assets of Hualon.

Hualon is a leading polyester producer in Malaysia with a polyester (fibre, yarn and resin) manufacturing capacity of half a million tons per annum along with downstream textile manufacturing capabilities spread over two locations in Malaysia. It is one of the largest exporters in Malaysia.

This acquisition, when consummated, would be the second international acquisition in the polyester sector of RIL after the successful takeover of Trevira in Germany in 2004, said RIL.

This would help RIL consolidate its position further as the world’s largest polyester manufacturer with 2.5 million tonnes capacity, a 25 per cent increase from the current capacity and increase in revenue by $1 billion, said RIL.