The Mukesh Ambani-led Reliance Industries Limited (RIL) partnered with Assets Care and Reconstruction Enterprise (ACRE) is all set to acquire the debt-ridden Sintex.
They have submitted a revised resolution plan to the National Company Law Tribunal (NCLT), Ahmedabad, of Rs 2,700 crore to Rs 2,800 crore to acquire Sintex Industries Ltd.
The Reliance Industries Limited offer includes paying financial creditors and equity infusion for working capital requirements. Sintex Industries provides fabric to premium global clients such as Armani, Hugo Boss, Diesel and Burberry.
In a BSE filing on Wednesday, Sintex Industries said the interim resolution
professional had received revised resolution plans from all four prospective resolution applicants. Bidders include Welspun Group’ Easygo Textiles, GHCL, and Himatsingka Ventures.
The lenders recently considered the option of a Swiss challenge auction or inter-se bidding.
Background of Sintex Industries
Sintex was founded in the 1930s as Bharat Vijay Mills, a composite textile mill in Kalol, Gujarat. In 2017, it emerged its plastic business into Sintex Plastics Technology to focus on its yarn business.
