Reliance Industries is set to clinch the polyster division of JCT Ltd. in a deal valued at Rs 492 crore. Institutional sources familiar with the deal said the entire polyester business of JCT and the Rs 492- crore outstanding loans of the company are proposed to be transferred to Terene Fibres Pvt., an associate company of the Reliance group. The Thapars will retain the cotton division of JCT and will infuse Rs 80 crore into it as a fresh equity. Thapar group sources said they are already in the process of raising this amount from group companies.

However, since Reliance is taking over the Rs. 492 crore liabilities of the polyester division, it is not yet clear whether it would need to pay anything over and above this.

ET had reported on March 28 that Reliance Industries was in the final stage of negotiations for taking over JCT's polyester division.