The European Commission has approved the acquisition of the German speciality polyester manufacturer Trevira by Reliance Industries Ltd, the largest Indian private sector company.
The company faced severe demand contraction in its principal market segments due to the global financial crisis. Trevira manufactures high-value branded polyester fibers and filament yarns for the automotive industries, home textiles as well as for technical applications.
A German bankruptcy court has sold off Reliance Industries' polyester making subsidiary Trevira GmbH to two local entrepreneurs for an undisclosed amount.
Reliance Industries Ltd, on Thursday announced that it has struck gas off the Orissa coast in Bay of Bengal.
Many top firms have had to write down their investments, as the value of those have collapsed due to sluggish biz conditions.