Reliance Looking To Acquire Textile Industry ‘Sintex’

Reliance, partnering with Assets Care & Reconstruction Enterprise Ltd., plans to hire Sintex Industries Ltd. under the bankruptcy resolution process, Sintex revealed in a filing on Sunday. 

Mukesh Ambani’s Reliance Industries Ltd., along with a partner, are planning to take over a bankrupt Indian Textile firm ━ Sintex Industries Ltd., according to a stock-exchange filing. Mukesh Ambani, one of the billionaire Indian businessmen, is diversifying his business from an oil empire to telecommunications, green energy, and fashion every next day. 

To bid for Sintex Industries under a court-appointed bankruptcy resolution process, Reliance is partnering with Assets Care & Reconstruction Enterprise Ltd., Sintex said on Sunday. Other bidders who will join the acquisition process are Easygo Textiles Pvt., GHCL Ltd., Himatsingka Ventures Pvt. which is working with Shrikant Himatsingka, and Dinesh Kumar Himatsingka. 

This is the second time when Ambani, whose company, this year, has purchased intellectual property rights for the iconic Lee Cooper brand in India and stocks in high-end fashion brands run by stylists and some renowned Bollywood stars, has shown interest in an insolvent company.

Sintex provides fabric to global fashion brands including Armani, Hugo Boss, Diesel, and Burberry, as per the Economic Times Reports of October month. Besides acquiring Bollywood brands and assets boards in recent years, Reliance has also forged partnerships with several luxury international names, including Burberry Group Plc, Hugo Boss AG, and Tiffany & Co.

Now, this is to see that what extent Reliance will expand its business in upcoming years. 

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