Asia’s Richest Man Looking to Buy Bankrupt Textile Firm in India

Author of the article: Bloomberg News Anurag Kotoky (Bloomberg) — Mukesh Ambani’s Reliance Industries Ltd., along with a partner, are among those bidding to take over bankrupt Indian textile firm Sintex Industries Ltd., according to a stock-exchange filing, as the billionaire attempts to diversify from an oil empire and into telecommunications, green energy and fashion. …
Asia’s Richest Man Looking to Buy Bankrupt Textile Firm in India

Author of the article:

Bloomberg News

Anurag Kotoky

(Bloomberg) — Mukesh Ambani’s Reliance Industries Ltd., along with a partner, are among those bidding to take over bankrupt Indian textile firm Sintex Industries Ltd., according to a stock-exchange filing, as the billionaire attempts to diversify from an oil empire and into telecommunications, green energy and fashion. 

Reliance is partnering with Assets Care & Reconstruction Enterprise Ltd. to bid for the company under a court-appointed bankruptcy resolution process, Sintex said in a filing 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 move by Ambani, whose companies this year purchased intellectual property rights to use the iconic Lee Cooper brand in India and stakes in high-end fashion brands run by stylists to some of Bollywood’s biggest stars, is only the second time Reliance has shown interest in an insolvent company. Sintex provides fabric to global fashion brands including Armani, Hugo Boss, Diesel and Burberry, according to an Economic Times report in October.

Besides acquiring marquee Bollywood brands and assets abroad in recent years, Reliance has also forged partnerships with numerous luxury international names, including Burberry Group Plc, Hugo Boss AG and Tiffany & Co.

©2021 Bloomberg L.P.

Bloomberg.com

Financial Post Top Stories

Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300

Read More

Total
0
Shares
Leave a Reply

Your email address will not be published.

Related Posts
Fed Seen Taking a Step Toward March Rate Increase: Eco Week
Read More

Fed Seen Taking a Step Toward March Rate Increase: Eco Week

Author of the article: Bloomberg News Alister Bull and Vince Golle (Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Jerome Powell and his fellow Federal Reserve policy makers are expected to signal their first interest-rate hike since 2018, paving the way for a March move as the U.S. central…
Most Japanese Back Nuclear Power for First Time Since Fukushima
Read More

Most Japanese Back Nuclear Power for First Time Since Fukushima

Author of the article: Bloomberg News Stephen Stapczynski (Bloomberg) — For the first time in more than a decade, a narrow majority of Japanese now support restarting idled nuclear reactors, according to a poll in the country’s top business newspaper. The survey result marks the first time since the Fukushima disaster in 2011 that an…