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Reliance Industries submits EoI to buy bankrupt Sintex

Oct 29, 2021
Reliance Industries submits EoI to buy bankrupt Sintex

India

Reliance Industries Ltd, among others, have submitted expressions of interest (EoI) for bankrupt Sintex Industries Ltd, according to The Economic Times report.

Reliance Industries Ltd has entered in partnerships with Assets Care & Reconstruction Enterprise Ltd (ACRE), Varde Capital-backed Aditya Birla Asset Reconstruction Company and foreign fund CarVal Investors for the acquisition. ACRE is majority-owned by Ares SSG Capital, which describes itself as an alternative investment manager. The other EoI applicants include Edelweiss Alternative Assets Advisors Ltd, Asset Reconstruction Company of India, Prudent ARC, Ludhiana based Trident Ltd, Bangalore based Himaksinka Ventures, Punjab based Lotus Hometextile, Mumbai based Indocount Industries, Nitin Spinners, and GHCL Ltd.

Sintex Industries provides fabric to global fashion brands such as Armani, Hugo Boss, Diesel and Burberry, according to the company's website.

The Gujarat-based textile company was admitted into the insolvency process by the Ahmedabad bench of the National Company Law Tribunal in April this year at the behest of Invesco Asset Management (India) Pvt Ltd over a Rs 154 million default in payment of principal and interest of non-convertible bonds in September 2019. Its lenders include HDFC Bank, Axis Bank, RBL, Aditya Birla Finance, IndusInd Bank, Life Insurance Corporation and State Bank of India. At least three banksPunjab National Bank, Punjab & Sind Bank and Karnataka Bank-have declared the account a fraud, according to various stock exchange notices. In 2017, Amit Patel-promoted Sintex Plastics Technology Ltd, maker of water storage tanks, was demerged from Sintex Industries.

Source: The Economic Times

Image Source: Google Images

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