Mon. Sep 25th, 2023
Mukesh Ambani

Reliance Industries Ltd. (RIL), founded by Mukesh Ambani, and a partner are among the entities that have offered to buy insolvent textile manufacturer Sintex Industries Ltd., according to the latter’s stock market statement on Sunday.

RIL is teaming up with Assets Care & Reconstruction Enterprises Ltd. to bid for Sintex Industries in a court-ordered bankruptcy reorganization.

GHCL Ltd., Easygo Textiles Pvt., and Himatsingka Ventures Pvt., which is collaborating with Shrikant Himatsingka and Dinesh Kumar are some of the other bidders.

“Resolution Plans received shall be evaluated by the Interim Resolution Professional and then shall be placed before the Committee of Creditors, for its further consideration,” Sintex Industries said in the filing.

This is the second RIL has shown interest in a bankrupt company. Sintex is the supply of fabrics to global fashion brands comprising Diesel, Armani, Burberry, and Hugo Boss.

RIL has entered into agreements with major premium worldwide companies, including Tiffany & Co, Burberry Group Plc, and Hugo Boss AG, in addition to purchasing prominent Bollywood brands and properties overseas in recent years.

By Harshita Sharma

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