Reliance Industries Ltd on Wednesday said that Trevira, a European textile unit, had applied in a German court to start the proceedings of insolvency with a restructuring plan.
The move follows major efforts by the company to overcome the impact of industrial slowdown in Europe particularly of the automotive and textile sectors to whom it is an important supplier, Reliance said in a statement.
Reliance said that Trevira was "severely impacted" by the recent global financial downturn that resulted in considerable contraction in demand in its'' principal market segment. Trevira makes polyester fibres as well as filament yarns. It has production units in Germany as well as Denmark, Poland and Belgium, the website showed.
Reliance Industries had acquired Trevira in 2004.
The move follows major efforts by the company to overcome the impact of industrial slowdown in Europe particularly of the automotive and textile sectors to whom it is an important supplier, Reliance said in a statement.
Reliance said that Trevira was "severely impacted" by the recent global financial downturn that resulted in considerable contraction in demand in its'' principal market segment. Trevira makes polyester fibres as well as filament yarns. It has production units in Germany as well as Denmark, Poland and Belgium, the website showed.
Reliance Industries had acquired Trevira in 2004.
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