Mukesh Ambani's move to buy the debt-ridden company

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- Reliance Industries had earlier bid for Alok Industries in association with JM Financial ARC and later acquired it.

New delhi date. Wednesday, October 27, 2021

Reliance Industries, the company of country tycoon Mukesh Ambani, has given an expression of interest (EoI) to buy debt-ridden Sintex. RIL has offered EoI in partnership with Asset Care and Reconstruction (ACRE) to buy Syntex.

Also in the running to buy Syntex are Aditya Birla Asset Reconstruction's investment-invested Ward Capital, a Welspun Group company, Edelweiss Alternative Assets Advisors, Trident Limited and IndoCount Industries.

Ares SSG Capital has a large stake in Syntex, which is involved in the fabric business. The company supplies fabric to global fashion brands such as Armani, Hugo Boss, Diesel and Burberry, according to Syntex Industries' website.

In fact, Syntex Industries is going through the Corporate Insolvency and Resolution Process (CIRP). The insolvency process against Syntex Industries started in April this year at NCLT's Ahmedabad branch. In September 2019, the company failed to pay Rs 15.4 crore to Invesco Asset Management (India) Pvt Ltd. The company's resolution professional has accepted claims of 27 financial creditors worth Rs 7,534.6 crore.

Syntex Industries is indebted to HDFC Bank, Axis Bank, RBL, Aditya Birla Finance, IndusInd Bank, Life Insurance Corporation and State Bank of India. While Punjab National Bank, Punjab & Sind Bank and Karnataka Bank have declared the company's account as fraud.

In the year 2017, Sintex Plastics Technology was separated from Sintex Industries and it makes water storage tanks.

Reliance Industries had earlier bid for Alok Industries in association with JM Financial ARC and later acquired it.

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