Bidders submit revised resolution plans for textile business Sintex
Four bidders vying for bankrupt textile business Sintex Industries Limited have submitted revised resolution plans for the company to its resolution professional for evaluation.
After Sintex’s interim resolution professional asked the four top bidders for the business to come back with more favourable resolution plans, each business has submitted a new plan, Sintex announced on February 2, Livemint reported. Following the evaluation of the new resolution plans, they will be placed before Sintex’s committee of creditors for further consideration.
The four bidders hoping to acquire Sintex are Reliance Industries Limited (in partnership with Assets Care and Reconstruction Enterprises Limited), Welspun’s Easygo Textiles, GHCL, and Himatsingka Ventures (in partnership with Shrikant Himatsingka and Dinesh Kumar Himatsingka). Sintex’s resolution professional had found all of the bidders’ offers to date to be insufficient and, in order to prevent Sintex from going into liquidation, had requested higher offers.
Sintex was established in the 1930s as a composite textile mill named Bharat Vijay Mills in Kalol, Gujarat. In the 1970s, the business was rebranded as Sintex Industries and focused on cotton yarn and fabric manufacturing. The Ahmedabad bench of National Company Law Tribunal admitted an insolvency process plea filed by Invesco Asset Management in April 2021 as the business had gone bankrupt.
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