Reliance aims to acquire Sintex for £280 mn

Reliance Industries Limited (RIL) has submitted a revised resolution plan to National Company Law Tribunal (NCLT), Ahmedabad, to acquire the debt-ridden Sintex Industries Ltd for an offer of £270 to £280 million to the financial creditors, sources said.
RIL has reportedly entered into a partnership with Assets Care & Reconstruction Enterprise (ACRE) for the bid to acquire Sintex, said sources. The RIL offer includes payment to financial creditors and equity infusion for working capital requirements, said sources. In a BSE filing, Sintex Industries said the interim resolution professional has received revised resolution plans from all four prospective resolution applicants.
Sintex Industries, which was promoted by Amit Patel and family, specialises in the premium fashion industry. It provides fabric to global clients such as Armani, Hugo Boss, Diesel and Burberry. Other bidders include Welspun Group' Easygo Textiles, GHCL, and Himatsingka Ventures, according to sources.
"Revised Resolution Plans received from all four PRAs shall be evaluated by the Interim Resolution Professional and then shall be placed before the Committee of Creditors, for its further consideration," Sintex said in its stock exchange filing.