INDIA: Reliance Raises Prices In Time For Festival Season
India's largest textile company, Reliance Industries Ltd (RIL), has raised the prices of its polyester staple fibre, polyester monofilament yarn, and polymers effective today (October 3). The company blames higher crude and petroleum prices, but is possibly using the imminent festival season as an opportunity to institute higher prices.The 19 per cent increase, if enforced, will take polyester partially oriented yarn and polyester staple fibre prices from Rs.55.50 ($1.23) per kg. to Rs.66 ($1.47). Prices of intermediaries like PTA and MEG, which are also used by competitors in the polyester arena, and which can also be imported, have been raised a modest 2 to 3 per cent. Festival season in India spans September and October and, together with marriage season, are the two main drivers of durable consumer goods, including textiles, in India. RIL is an aggressive player. It recently raised $11m for a three year period through private placement, the first corporate to do this. The issue opened September 29 and closes October 5.
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