Reliance Industries discontinues operations at 5 polyester units near Mumbai

According to a report by Business Standard (India), India's Reliance Industries (RIL) has discontinued operations at five out of seven petrochemicals and polyester plants at its Patalganga division near Mumbai and given an exit offer to around 800 non-supervisory employees. India's largest private-sector company reportedly closed shutters at the plants manufacturing polyester filament yarn (PFY), polyester staple fibre (PSF), paraxylene (PX), purified terephthalic acid (PTA) and linear alkyl benzene (LAB) in a bid to enhance its profit margin in middle of sliding global demand for polyester. The reason for the close down is unknown; however, the rumour has it that the shuttered plants will be relocated to Nagothane-based Indian Petrochemical Corporation's (IPCL) facility in Maharashtra.
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