Reliance bids for bankrupt Sintex Industries Ltd
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Reliance Industries Chairman Mukesh Ambani (file photo)
As per a stock-exchange filing, Mukesh Ambani's Reliance Industries Ltd has placed a bid for bankrupt Indian textile firm Sintex Industries Ltd, which provides fabric to global fashion brands Armani, Hugo Boss, Diesel and Burberry, reports The Indian Express. The billionaire is now attempting to diversify from an oil empire and into telecommunications, green energy and fashion.
Sintex on Sunday said that Reliance is partnering with Assets Care and Reconstruction Enterprise Ltd to bid for the company under a court-appointed bankruptcy resolution process. Other bidders include Easygo Textiles Pvt, GHCL Ltd, and Himatsingka Ventures Pvt.
Earlier this year, Ambani purchased intellectual property rights to use the iconic Lee Cooper brand in India and stakes in high-end fashion brands run by stylists and Bollywood stars. Reliance has also partnered with other luxury names, including Burberry Group Plc, Hugo Boss AG and Tiffany and Co.