Mukesh Ambani seeking to purchase bankrupt textile agency Sintext Industries

Mukesh Ambani’s Reliance Industries Ltd., together with a associate, are amongst these bidding to take over bankrupt Indian textile agency Sintex Industries Ltd., in keeping with a stock-exchange submitting, because the billionaire makes an attempt to diversify from an oil empire and into telecommunications, inexperienced vitality and style.
Reliance is partnering with Assets Care & Reconstruction Enterprise Ltd. to bid for the corporate below a court-appointed chapter decision course of, Sintex mentioned in a submitting on Sunday. Other bidders are Easygo Textiles Pvt., GHCL Ltd., and Himatsingka Ventures Pvt., which is working with Shrikant Himatsingka and Dinesh Kumar Himatsingka.
The transfer by Ambani, whose corporations this yr bought mental property rights to make use of the enduring Lee Cooper model in India and stakes in high-end style manufacturers run by stylists to a few of Bollywood’s largest stars, is simply the second time Reliance has proven curiosity in an bancrupt firm. Sintex supplies cloth to world style manufacturers together with Armani, Hugo Boss, Diesel and Burberry, in keeping with an Economic Times report in October.
Besides buying marquee Bollywood manufacturers and belongings overseas in recent times, Reliance has additionally cast partnerships with quite a few luxurious worldwide names, together with Burberry Group Plc, Hugo Boss AG and Tiffany & Co.