Reliance Industries Aim To Acquire Sintex Industry

Gujarat News, Gujarati News, Latest Gujarati News, Gujarat Breaking News, Gujarat Samachar.

Latest Gujarati News, Breaking News in Gujarati, Gujarat Samachar, ગુજરાતી સમાચાર, Gujarati News Live, Gujarati News Channel, Gujarati News Today, National Gujarati News, International Gujarati News, Sports Gujarati News, Exclusive Gujarati News, Coronavirus Gujarati News, Entertainment Gujarati News, Business Gujarati News, Technology Gujarati News, Automobile Gujarati News, Elections 2022 Gujarati News, Viral Social News in Gujarati, Indian Politics News in Gujarati, Gujarati News Headlines, World News In Gujarati, Cricket News In Gujarati

Reliance Industries Aims To Acquire Sintex Industry

| Updated: February 3, 2022 11:51

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.

Read Also: All You Need To Know About Adani Wilmar IPO

Your email address will not be published. Required fields are marked *