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