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Reliance, partner bid to acquire textile company Sintex

Reliance, partner bid to acquire textile company Sintex

RIL is partnering with Assets Care & Reconstruction Enterprises Ltd. to bid for Sintex Industries under a court-designated bankruptcy resolution process.

Reliance Industries Ltd. (RIL) chairman Mukesh Ambani Reliance Industries Ltd. (RIL) chairman Mukesh Ambani

Mukesh Ambani-led Reliance Industries Ltd. (RIL), along with a partner, are among the companies which have bid to take over bankrupt textile firm Sintex Industries Ltd., the latter said in a stock exchange filing on Sunday.

RIL is partnering with Assets Care & Reconstruction Enterprises Ltd. to bid for Sintex Industries under a court-designated bankruptcy resolution process. 

Other bidders include GHCL Ltd. Easygo Textiles Pvt., and Himatsingka Ventures Pvt., which is working with Shrikant Himatsingka and Dinesh Kumar. 

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"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 Industries said in the filing.

The move by Mukesh Ambani is only the second time RIL has evinced interest in an insolvent company. Sintex provides fabric to global fashion brands comprising Diesel, Armani, Burberry, and Hugo Boss.

Apart from acquiring marquee Bollywood brands as well as assets abroad in recent years, RIL has also forged alliances with several luxury international names, which include Tiffany & Co, Burberry Group Plc, and Hugo Boss AG.

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