Reliance partnering up to buy bankrupt textile company, Sintex.
- ByStartupStory | December 13, 2021
Bankrupt textile maker, Sintex Industries ltd mentioned in a stock exchange filing that Assets Care and Reconstruction Enterprises Ltd led by Mukesh Ambani’s Reliance Industries Ltd is seeking to acquire the company as part of the bankruptcy resolution process among other bidders such as Easygo Textiles Pvt. Ltd of Welspun Group, GHCL Ltd, and Himatsingka Ventures Pvt. Ltd, along with Shrikant Himatsingka and Dinesh Kumar Himatsingka.
The company also said in its filing, “The 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 was founded in the 1930s as Bharat Vijay Mills, a composite textile mill in Kalol, Gujarat. Later, it was rebranded as Sintex Industries, a cotton yarn and fabric maker. Sintex demerged its plastic business into Sintex Plastics Technology to focus on its yarn business. But by then, the textile industry saw many companies add spinning capacity, which impacted sales. The covid-19 pandemic dealt another blow to its business.
Also Read
Follow Startup Story
Related Posts
